Moo Deng falls more than 22% after market debut with ‘meteoric rise’

Moo Deng, the Solana-based meme coin inspired by a viral Thai pygmy hippo, has seen a significant downturn, losing 22% of its value in the last 24 hours and nearly 45% in the past week. As of October 16, the coin is trading at $0.0915, with a 24-hour trading volume of $96 million.

Meteoric Rise and Subsequent Fall

Moo Deng had a remarkable surge earlier this month, especially on October 8, when it saw a 40% spike following an event where Ethereum co-founder Vitalik Buterin sold 10 billion Moo Deng tokens and donated over $640,000 to his biotech charity, Kanro. However, since that peak, the token has experienced a sharp decline.

The coin reached its all-time high on September 28, hitting $0.338 with weekly gains of over 700%, and its market capitalization soared to more than $300 million, making it the largest token within the Pump.fun ecosystem at the time. But after the surge, Moo Deng’s market cap has since plummeted by 70%, now sitting at approximately $90 million. It has also lost its position as the top token on Pump.fun, currently ranking at number 5 within the ecosystem. In the broader meme token rankings, Moo Deng has fallen significantly, now occupying rank 473.

Analyst Perspective: Meme Coin Volatility

Zeneca, a Web3 thought leader and founder of Zenacademy, shared his views on the volatility of meme coins like Moo Deng, noting that tokens with such meteoric rises often experience significant drawdowns in the following days, sometimes ranging between 70-90%. Zeneca commented on X (formerly Twitter) that while Moo Deng’s future isn’t necessarily over, meme coins with “cute new animals” tend to struggle beyond the initial pump unless the community around them becomes cult-like, referring to the influence of figures like Murad Mahmudov, a strong proponent of meme coins.

Looking Ahead

Moo Deng’s sharp rise and fall highlight the inherent volatility and speculative nature of meme coins, which often see dramatic price swings fueled by hype and community-driven momentum. The coin’s journey reflects the dynamics of meme coins in the crypto market, where initial enthusiasm can quickly turn into profit-taking and sharp corrections.

Despite the recent losses, Moo Deng remains an example of the unpredictable nature of meme coins, with its potential future still uncertain but likely dependent on whether its community can sustain momentum and foster long-term engagement beyond the novelty factor.

Who is Moo Deng?

Moo Deng, a two-month-old pygmy hippo at Khao Kheow Open Zoo in Thailand, has become a viral sensation, thanks to her chubby cheeks and always-wet appearance. Her TikTok videos have garnered millions of views, and she’s inspired countless memes.

In September 2024, Moo Deng’s internet fame led to a doubling of daily visitors at the zoo, with revenue expected to surpass $6.13 million by year-end, according to the zoo’s director, Narongwit Chodchoy. Her popularity highlights the growing impact of social media on driving tourism and business.