Moo Deng spikes as FOMO pushes holders to a record high

Moo Deng, the newly launched Solana-based token from Pump.fun, continued its upward trajectory on Saturday, hitting an all-time high as excitement grew among investors.

The hippo-themed token, known as moodeng, reached a peak of $0.3495, marking a staggering weekly increase of over 700%. With its market cap now exceeding $300 million, Moo Deng has become the largest token within the Pump.fun ecosystem. The surge has been fueled by a palpable fear of missing out among investors.

Moo Deng holders are rising

The recent rally has sparked FOMO, or ‘fear of missing out,’ among traders, reflected in the increasing number of holders.

According to Coincarp, the count has surged to over 24,140 holders, up from a low of 9,000 earlier this week. Meanwhile, Solscan reports that the total number of holders has reached 27,000.

Additionally, there are indications that whales are accumulating Moo Deng tokens. Lookonchain reveals that one whale recently acquired tokens valued at over $1.59 million, bringing their total holdings to approximately $3.57 million.

Minting Millionaires

Data from DexScreener reveals some impressive trading stories with Moo Deng. One trader invested $7,172 and made a staggering $1 million profit, while another spent $14,000 and walked away with a profit of $976,000 in just a few days.

However, some traders missed out by cashing out too early. One individual sold tokens worth $297, which would now be valued at over $6.3 million.

Moo Deng’s surge is part of a broader recovery in the meme coin market, with many tokens seeing double-digit increases in the past week. Dogecoin (DOGE), the largest meme coin, rose by 15.8%, while Shiba Inu (SHIB) jumped by 35%.

Additionally, Popcat, a prominent Solana project, reached a market cap of $1 billion for the first time. Collectively, the total valuation of all these meme coins has soared to over $55 billion.

Fear and greed index rises

Many investors are adopting a risk-on sentiment following the Fed’s interest rate cuts and a series of stimulus measures from the Chinese government. Central banks across the U.S., Europe, and much of Asia have lowered rates to avert a hard landing, contributing to this shift.

As a result, the crypto fear and greed index is nearing the greed zone, hitting 60. Similarly, the CNN Money index has climbed into the greed area at 68, while the US dollar index has fallen to $100.40.

Investors in Moo Deng face the inherent volatility typical of most cryptocurrencies. When a coin experiences a significant surge, the risk of a sharp reversal is always present.

For instance, Shiba Inu skyrocketed to an all-time high of $0.000088 in 2021, only to plummet over 93% to $0.0000058 in 2022. Similarly, Dogecoin reached its peak at $0.4845 but has since fallen by 74%, currently trading at $0.1230.