Moo Deng, the newly introduced Solana Pump.fun token, saw a significant rise on Saturday, hitting an all-time peak as traders experienced fear of missing out.
Moo Deng (MOODENG), a token inspired by hippos, surged to a new high of $0.3495, bringing its weekly gains to over 700%. Its market capitalization has skyrocketed to more than $300 million, making it the largest token within the Pump.fun ecosystem.
Growing Number of Moo Deng Holders
The surge sparked FOMO, or ‘fear of missing out,’ among traders, as reflected in the increasing number of holders.
Coincarp data indicates a rise in holders — exceeding 24,140, a significant increase from this week’s low of 9,000. Additionally, Solscan data shows that the total number has reached 27,000.
There are indications that large investors are accumulating the token. Lookonchain reports that a whale purchased Moo Deng tokens valued at over $1.59 million.
The whale now possesses Moo Deng tokens valued at $3.57 million.
Creating Millionaires
Data from DexScreener reveals that one trader who invested $7,172 made a remarkable profit of $1 million. Another trader put in $14,000 and exited with a profit nearing $976,000 in just a few days.
However, some traders regret leaving too early. One trader sold tokens worth $297, which would now be valued at over $6.3 million.
Moo Deng’s ascent coincided with an overall recovery trend among meme coins, with many experiencing double-digit growth over the past week. Dogecoin (DOGE), the leading meme coin, increased by 15.8%, while Shiba Inu (SHIB) surged by 35%.
Popcat (POPCAT), a prominent token on Solana (SOL), reached a market cap of $1 billion for the first time, contributing to a total valuation for all these coins exceeding $55 billion.
Rising Fear and Greed Index
Many investors are adopting a risk-on stance following the Fed’s interest rate cuts and a series of stimulus initiatives from the Chinese government.
Central banks in the U.S., Europe, and many Asian countries have lowered rates to avert a hard landing. Consequently, the crypto fear and greed index has approached the greed zone at 60.
The CNN Money index has climbed to a greed level of 68, while the US dollar index has fallen to $100.40.
The potential risk for Moo Deng investors lies in the high volatility of most cryptocurrencies. When a coin experiences a surge, there is always a chance of a significant reversal.
For instance, Shiba Inu initially peaked at $0.000088 in 2021, only to plummet by over 93% to $0.0000058 in 2022. Dogecoin also reached an all-time high of $0.4845 and has since decreased by 74% to its current price of $0.1230.
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