Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Moodeng (MOODENG) jumps by 95% after fast Coinbase listing

Source Cryptopolitan

Solana meme token Moodeng (MOODENG) nearly doubled its price, rallying close to $0.60. MOODENG expanded following a faster-than-expected listing on Coinbase.

Moodeng turned into the new rollover token for the meme space, after going through a vertical rally. The chief reason was the quick listing from Coinbase, soon after adding the token to their roadmap. The listing suggests the meme super cycle is far from over, and the exchange has deemed this token promising enough. Coinbase has bypassed other cult assets like DogWifHat (WIF) and Popcat (POPCAT) in favor of a mass-appeal meme.

Assets added to the roadmap today: Moo Deng (MOODENG)https://t.co/rRB9d3hSr2

— Coinbase Assets 🛡️ (@CoinbaseAssets) December 2, 2024

As an immediate effect, MOODENG daily volumes reached an all-time high above $890M. The token was on track to repeat its previous price record above $0.64, with sustainably high activity. Open interest for MOODENG increased above $232M but with a shift toward short positions. In the past day, short positions expanded from 29% to 49%, as the rally is expected to stall after the initial enthusiasm.

The Coinbase listing highlights the lack of a Binance spot pair. MOODENG is only listed on the futures market. Spot pairs also mean parts of the MOODENG supply shift to exchanges, with fewer decentralized whale wallets.

While previous tokens took a while to be listed, MOODENG went on the fast track. As a result, the token broke out of its stagnation around $0.30, returning to the $0.60 range in a near-vertical rally. MOODENG was one of the few meme tokens in the green in the past 24 hours, as attention shifted to XRP and altcoins.

MOODENG rallied from its recent lows up to $0.60. | Source: Coinmarketcap

The Coinbase listing of Pepe (PEPE) had a similar effect, granting additional legitimacy to the token. Coinbase has onboarded a small selection of memes, including SHIB and BONK.

MOODENG struggles for $1B valuation

Despite the expansion, the market cap of MOODENG is still suck under $600M, with no easy path to growing above $1B. The meme token market is going through a series of rollovers into new tokens, as sentiment and exposure shifts. The direction of the meme market is still dependent on dog-themed tokens.

MOODENG is seen as potentially becoming a blue-chip meme, after adding Coinbase as its first major exchange. The meme has universal appeal and has been selected as part of meme portfolios. MOODENG is an expansion of the animal meme theme, which has a wider adoption potential, instead of being a cult.

The lack of a cult community also means MOODENG may go through boom and drawdown cycles, with no general drive to hold for the long term.

Wintermute increased MOODENG supply

Wintermute, emerging as a leading market-maker in 2024, increased its MOODENG supply in the past four weeks.

MOODENG is now the second-biggest holding for Wintermute, after accumulating more tokens. The market maker started with 552K tokens in October, expanding to a peak of 80M tokens. After some selling, Wintermute is still the third-largest holder of MOODENG, with 61M tokens.

The Wintermute accumulation happened ahead of the Coinbase announcements, leading to speculations of upcoming listings. Wintermute’s selection of tokens is seen as an indicator of a potential addition to exchanges.

MOODENG already spread to 54,547 holders, with more than 30% of the supply stored on exchanges. This meme token is at the bottom of the list when it comes to decentralization. According to crypto influencer Murad Mahmudov, MOODENG is the least decentralized among top memes.

The top 100 addresses hold more than 56% of the MOODENG supply. Despite the mass hype and the popularity of the meme, MOODENG shows some signs of sniping and accumulation in whale wallets. The Ethereum version of MOODENG also shows a prevalence of connected wallets, revealing a controlled supply.

The addition of Coinbase may distribute MOODENG to more retail wallets, but may not make a dent in the largest and most influential holdings.

The token relies more on centralized markets, with the potential to realize fast profits. The recent listing will further change the MOODENG trading profile, potentially increasing its activity to rival Popcat (POPCAT) or older assets.

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

Sep 28, Mon

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth trading Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

Author Irene Q.

Sep 29, Tue

Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

Sep 30, Wed

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

Yesterday 01: 26

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Popular Symbols