A dealer who purchased 21 million Moo Deng (MOODENG) tokens 18 days in the past is now left with peanuts as a substitute of hitting the million-dollar mark with that buy. This dramatic discrepancy is in distinction to the efficiency of the trending Solana meme coin, named after a Thai Hippopotamus from the Khao Kheow Open Zoo in Bangkok.
However how did this occur? BeInCrypto reviews how that went down and what might turn into of MOODENG’s worth within the quick time period.
Lack of Persistence Value Moo Deng Dealer Tens of millions
In accordance with Lookonchain, the dealer in query purchased MOODENG with 26 SOL. This equaled 21 million tokens and was valued at $3,537 at the moment. Throughout that interval, the meme coin’s market cap was $210,000.
Nonetheless, because the token’s worth dropped and its market capitalization plummeted, the dealer took an unrealized loss and offered it for $2.19 SOL, which was value $297. Days later, Moo Deng’s market cap hit $100 million as many holders made vital features.
Nevertheless it was not the identical for this dealer. If the dealer had held the token, its worth would have been a staggering $6.3 million.
Learn extra: How you can Purchase Solana Meme Cash: A Step-By-Step Information
Regardless of this loss, MOODENG’s quantity has continued to extend. Information from on-chain analytics supplier Santiment reveals that the Solana meme coin’s quantity is nearing $200 million at press time.
The amount metric signifies how a lot financial worth a cryptocurrency has traded over a selected interval. That is essential in assessing market exercise and liquidity. When quantity decreases, the crypto turns into extra illiquid, making it tougher for trades to be executed easily.
Nonetheless, in Moo Deng’s case, the numerous rise in quantity suggests that there’s nonetheless substantial shopping for and promoting exercise, demonstrating that curiosity within the meme coin stays sturdy.
MOODENG Worth Prediction: Overbought
A take a look at the 1-hour MOODENG chart reveals that the Bollinger Bands (BB) had expanded. The BB reveals whether or not volatility round a cryptocurrency is excessive or low. When the BB contracts, volatility is low, whereas growth implies rising volatility.
The BB additionally reveals if a crypto is overbought or oversold. As seen beneath, MOODENG’s worth hit $0.32 on earlier at the moment, and the higher band of the indicator tapped the extent, suggesting that it was overbought.
Consequently, MOODENG’s worth dropped to $0.30. The Relative Energy Index (RSI), which measures momentum, helps the standing, as its studying had turned down. Nonetheless, the meme coin’s worth nonetheless stays above the center line of the Bollinger Bands.
Learn extra: 7 Scorching Meme Cash and Altcoins which can be Trending in 2024
Ought to the decline proceed, MOODENG may crater to $0.23 within the quick time period. Nonetheless, if the value stays above the center band, MOODENG may bounce, and the value may leap to $0.40.
Disclaimer
According to the Belief Challenge pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. At all times conduct your individual analysis and seek the advice of with knowledgeable earlier than making any monetary selections. Please notice that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
