Why Is MOODENG Surged Nearly 100% Today?

Key Points:

• A memecoin inspired by a baby hippo MOODENG surged nearly 100% after Coinbase announced it is considering listing it.
• The coin’s popularity on Solana and Ethereum showcases its impact across blockchains, with major crypto figures like Vitalik Buterin supporting its cause.

MOODENG surged nearly 100% today after Coinbase hinted at a potential listing, solidifying its position as one of the most notable memecoins in the market.

The Story Behind MOODENG’s Creation

MOODENG, a memecoin launched in September 2024 on the pump.fun platform built on Solana draws inspiration from Moo-Deng, a two-month-old pygmy hippo at Thailand’s Khao Kheow Zoo.

Moo-Deng, which means “jumping pig” in Thai, became an internet sensation through short social media videos showcasing its clumsy yet endearing antics.

This viral fame gave MOODENG a strong foundation, quickly attracting speculative traders on pump.fun. The token played a significant role in reviving the platform’s activity during a period of relative dormancy.

Read more: Memecoin Livestream Revenue Drop Cuts Pump.fun Earnings

Ethereum’s Take on MOODENG and Vitalik’s Involvement

In addition to MOODENG on Solana, a clone of the token emerged on the Ethereum blockchain. What set this version apart was the novel approach taken by Ethereum co-founder Vitalik Buterin.

Vitalik sold 10 billion MOODENG (Ethereum version) on the DEX CoWSwap, earning 308.69 ETH, which he then donated to the Kanro Charity – a philanthropic organization he co-founded.

This unique move by Vitalik not only drew attention to the Ethereum-based MOODENG but also highlighted the potential for memecoins to contribute to meaningful causes beyond mere speculation.

Coinbase Announcement Fuels MOODENG’s Rally

The explosive price surge of MOODENG on Solana today was primarily driven by a significant announcement from Coinbase.

On December 2, 2024, Coinbase revealed that it had added MOODENG to its list of tokens under consideration for listing.

Following the announcement, MOODENG surged by over 80% within 24 hours, reaching $0.65, with its market capitalization briefly touching $660 million. This placed MOODENG at #21 among the largest memecoins by market cap – according to CoinGecko.

However, as of writing, MOODENG has retraced nearly 10%, trading around $0.51 after its rapid rally.

The Coinbase announcement follows a trend of growing memecoin listings. In November, the exchange also considered listing other popular tokens like Pepe (PEPE), Floki Inu (FLOKI), and Dogwifhat (WIF).

The eased regulatory pressure has emboldened American crypto firms, with several Wall Street players filing for ETFs tied to assets like SOL, XRP, and HBAR. This marks a departure from the cautious approach seen under the Biden administration.