The market cap of Solana-based meme coin Moo Deng (MOODENG) has surpassed $600 million following a 40% price increase in the last 24 hours. The milestone also saw the cryptocurrency’s value rally to a new all-time high of $0.63.
Interestingly, this development comes amid a sideways market movement, suggesting that the meme coin has decoupled from the broader trend. 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. However, as demand increased for the hippo-themed meme coin, the price climbed from $0.35 to $0.62.
This price increase also affected the market capitalization since the metric is the product of circulating supply and price. According to data from Santiment, the token’s market cap is $625 million at press time.
MOODENG’s rise to a new all-time high could linked to the trending narrative around hippo-themed meme coins. For instance, yesterday, Binance listed sudeng (HIPPO), a meme coin built on the Sui blockchain. As a result, the hype around HIPPO spread to MOODENG since the latter inspired the former’s creation.
Furthermore, on-chain data shows a massive rise in the token’s social dominance. Social dominance measures the proportion of discussions focused on a specific asset.
An increase in social dominance indicates that discussions about the token are surpassing the average focus on top cryptocurrencies. Conversely, a decrease suggests the market is shifting attention away from the token toward others.
In MOODENG’s case, the rise in social dominance reflects growing market interest. If this trend persists, the cryptocurrency’s volume and price could continue to surge.
MOODENG Price Prediction: Rally Could Run to $0.70
A look at the 4-hour chart shows that MOODENG’s price has rallied above the key Exponential Moving Averages (EMAs). When the EMA is below the price during an uptrend, it acts as a support level. Conversely, when the EMA is above the price during a downtrend, it serves as a resistance level.
Therefore, the current positions of the 20 EMA (blue) and 50 EMA (yellow) suggest that MOODENG’s price might continue to rise. If the indicators maintain their positions below the meme coin’s value, then the value might climb to $0.70, with Moo Deng’s market cap inching closer to $1 billion.
However, if momentum slows, the anticipated move may not materialize. Instead, the price could face a double-digit decline.
Disclaimer
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