What Caused the Moo Deng Coin to Fall by 60% in a Single Week
Market Update: Moo Deng
- MOODENG has experienced a significant decline of 60% within just one trading week.
- The sell-off by Vitalik Buterin included MOODENG and several other memecoins.
Despite maintaining their dominance in Q4 2024, memecoins contributed to the recent market recovery. However, Moo Deng [MOODENG], which was among the top weekly performers in late September, has seen a staggering drop of 60% over the past eight trading days.
Moo Deng surged by 400% at its highest point, pushing its market cap to $338 million. Unfortunately, October has presented challenges for this Solana-based meme coin.
The market capitalization has now plummeted to $110 million as negative sentiment prevails in the markets.
DID BUTERIN’S SELL-OFF IMPACT THE MOO DENG COIN?
An analysis from market commentators suggests that Ethereum’s founder Vitalik Buterin’s recent sell-off may have triggered Moo Deng’s drastic decline. On October 5th, Buterin liquidated over $340,000 worth of various memecoins including Moo Deng.
A further sale on October 7 yielded an additional sale of 11.76 billion MOODENG coins worth about $51,000 which may have exacerbated bearish sentiments. Nonetheless he retains over $8 million worth of MOODENG.Some analysts noted parallels between MOODENG and NEIRO; when Buterin sold off NEIRO back in early August—reportedly meant for charity—it caused a steep plunge initially but then its price rebounded considerably afterward.
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