Solana Meme Coin MOODENG Skyrockets 700%—Is This the Next DOGE or Just Another Crypto Mirage?
Solana’s latest meme coin sensation MOODENG defies gravity with a parabolic 700% weekly surge—flirting with its all-time high while traders chase the next ’number go up’ fantasy.
The pump: MOODENG’s rally mirrors the absurdist playbook of 2021’s dog-themed tokens, proving the crypto crowd still loves a good meme—regardless of fundamentals.
The catch: With liquidity thinner than a VC’s patience during a bear market, this rocket ship could turn into a parachute-free drop faster than you can say ’rug pull.’
Bonus cynicism: Another day, another asset climbing 700% for no reason—Wall Street bankers weep into their spreadsheets as retail traders YOLO grocery money into cartoon tokens.
MOODENG Finds Demand
The surge in MOODENG’s price is driven by organic demand, as indicated by the Open Interest (OI) data. Over the past week, traders have poured $324 million into the meme coin, pushing the OI from $18 million to $342 million. This 1,800% increase in OI suggests a strong market interest, with demand for MOODENG extending beyond its spot market performance.
In the futures market, the strong interest in MOODENG also points to growing Optimism around the token. With $324 million flowing into the futures contracts, it’s evident that traders are betting on the meme coin’s success.
Data from Holderscan shows that MOODENG’s holder base has expanded significantly, now reaching 75,000 holders. Interestingly, the distribution of assets among holders with less than $10 worth of the token has surged from 17% to 33% in the last ten days.
This shift indicates that smaller retail investors are now actively buying MOODENG, further boosting its market presence. This growing number of smaller holders suggests that MOODENG is gaining traction among institutional investors and with retail participants who see potential for substantial gains.
MOODENG Price Aims At New High
MOODENG’s price has shot up by 703% in the past week, currently trading at $0.305, just below the resistance of $0.355. The recent rally has positioned the coin NEAR its ATH, and breaking through the $0.355 resistance could open the door for further price appreciation.
If MOODENG manages to breach the $0.355 barrier and flip it into support, it could surge past its previous ATH of $0.700. The continuation of the bullish trend WOULD likely push the price even higher, solidifying MOODENG’s position as a major meme coin in the market.
However, if MOODENG fails to break through the $0.355 resistance, a decline is possible. In this scenario, the meme coin’s price could fall back to $0.180 or even lower if profit-taking increases among investors. This would invalidate the current bullish outlook and prompt a correction in price.
