A Solana-based memecoin themed on viral Thai zoo hippo Moo Deng surged by more than 67% after it was listed on cryptocurrency exchange Coinbase on Monday.
Its market cap is now pushing back towards $500 million after a two-week lull that saw the token's price drop from $0.67 to $0.30. It is currently trading at $0.49 following Monday's rise, with daily trading volume rising by 151% to $330 million.
The listing provided a much-needed boost to the wider memecoin ecosystem, with GOAT experiencing a 9% move to the upside, while PNUT rose by 6% during a 10-minute period following the listing.
It's worth noting that memecoins are volatile by nature as they have no intrinsic value; they rise and fall rapidly based solely on trader sentiment on a backdrop of minimal liquidity. OKX, which offers MOODENG's most liquid trading pair,
Two percent market depth for MOODENG on OKX, which offers the most liquid trading pair, is $81,000 to the upside meaning that a relatively small market order would push price much higher.
