Moo Deng Crypto Plummets 18%: What’s Driving This Latest Crash?

Another brutal selloff hits Moo Deng—here's why traders are hitting the panic button.

Market bloodbath or buying opportunity? The token's 18% nosedive sparks fierce debate.

Whale movements, regulatory fears, or just good old-fashioned profit-taking? We break down the catalysts behind the plunge.

Meanwhile, traditional finance bros smugly adjust their tie knots while this plays out—because clearly their 0.5% bond yields are killing it.

The price dip has led to a plummet in market cap for Moo Deng crypto. As of July 24, MOODENG’s market cap has slipped 16% to $191,449.

Moo Deng’s trading volume has also experienced a slide as the token continues to see less market activity. Compared to the previous trading day, Moo Deng’s daily trading volume has gone down by 9.4%.

Will Moo Deng crypto ever bounce back?

After a meteoric surge 645% in early May, fueled by its listing on Binance Alpha, MOODENG saw its price shot up from $0.04 to $0.32, drawing large numbers of short‑term traders. However, it appears these traders are now locking in profits, leading to sharp corrections as high exit pressure kicks in.

Since May, the token has failed to reclaim its previous highs as it continues to plummet lower down the charts. Much like other meme coins, MOODENG is largely driven by market sentiment and HYPE on the market. Two things that are now absent for the most part as the virality of the token has lost steam.

At the point, it’s difficult to tell whether the token will be able to return to its key resistance level of around $0.25 to $0.27. If a market event like a new listing emerges, it may stand a chance at reclaiming its previous Binance-fueled high.

The viral hippo that inspired Moo Deng crypto

Moo Deng is a pygmy hippo that lives at Thailand’s Khao Kheow Open Zoo who first captured hearts at just two months old, thanks to her rosy cheeks, perpetually damp skin, and playful antics that went viral online. Her cuteness turned her into a meme machine, generating millions of views across TikTok and other platforms.

Thanks to Moo Deng’s popularity, the zoo saw its daily visitor count double from just 3,000 to over 6,000. This prompted director Narongwit Chodchoy to predict Moo Deng could bring in more than $6.13 million by the end of 2024.

Earlier this month, on July 10, Moo Deng just celebrated her very first birthday. The celebration included a four-day festival, complete with a massive 20 kg fruit-and-vegetable CAKE and thousands of visitors coming in.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.