The marketplace cap of Solana-based meme coin Moo Deng (MOODENG) has actually gone beyond $600 million following a 40% cost boost in the last 24 hours. The turning point likewise saw the cryptocurrency’s worth rally to a brand-new all-time high of $0.63.
Remarkably, this advancement comes amidst a sideways market motion, recommending that the meme coin has actually decoupled from the more comprehensive pattern. What’s next for the token?
Market Attention Shifts to Moo Deng
On Thursday, November 14, the Moo Deng market cap was less than $300 million. As need increased for the hippo-themed meme coin, the rate climbed up from $0.35 to $0.62.
This cost boost likewise impacted the marketplace capitalization given that the metric is the item of flowing supply and cost. According to information from Santiment, the token’s market cap is $625 million at press time.
MOODENG’s increase to a brand-new all-time high might connected to the trending story around hippo-themed meme coins. The other day, Binance noted sudeng (HIPPO), a meme coin developed on the Sui blockchain. As an outcome, the buzz around HIPPO infected MOODENG given that the latter influenced the previous’s development.
Moo Deng Market Cap. Source: Santiment
On-chain information reveals a huge increase in the token’s social supremacy. Social supremacy determines the percentage of conversations concentrated on a particular possession.
A boost in social supremacy suggests that conversations about the token are going beyond the typical concentrate on leading cryptocurrencies. Alternatively, a decline recommends the marketplace is moving attention far from the token towards others.
In MOODENG’s case, the increase in social supremacy shows growing market interest. If this pattern continues, the cryptocurrency’s volume and rate might continue to rise.
Moo Deng Social Dominance. Source: Santiment MOODENG Price Prediction: Rally Could Run to $0.70
A take a look at the 4-hour chart reveals that MOODENG’s cost has actually rallied above the essential Exponential Moving Averages (EMAs). When the EMA is listed below the cost throughout an uptrend, it functions as an assistance level. On the other hand, when the EMA is above the cost throughout a drop, it functions as a resistance level.
The existing positions of the 20 EMA (blue) and 50 EMA (yellow) recommend that MOODENG’s rate may continue to increase. If the signs preserve their positions listed below the meme coin’s worth, then the worth may reach $0.70, with Moo Deng’s market cap inching closer to $1 billion.
Moo Deng 4-Hour Analysis. Source: TradingView
If momentum slows, the prepared for relocation might not emerge. Rather, the cost might deal with a double-digit decrease.
Disclaimer
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