TLDR
- Moo Deng (MOODENG) crashed over 60% in a week
- Vitalik Buterin sold $340K worth of memecoins, including Moo Deng
- Buterin sold an additional 11.76B MOODENG worth $51K on October 7th
- MOODENG’s market cap dropped from $338 million to $110 million
- Some traders remain bullish, viewing the crash as a potential entry point
The cryptocurrency market has witnessed a significant downturn for the Solana-based memecoin Moo Deng (MOODENG) in early October 2024.
After a meteoric rise in September, MOODENG has experienced a sharp decline, losing over 60% of its value in just eight trading days.
Moo Deng had been riding high on the wave of memecoin popularity that dominated the crypto market in the fourth quarter of 2024.
The coin saw an impressive 400% increase at its peak, with its market capitalization reaching $338 million. However, the tide turned quickly as October began, and MOODENG’s value started to plummet.
The catalyst for this dramatic sell-off appears to be linked to the actions of Ethereum co-founder Vitalik Buterin.
On October 5th, Buterin sold over $340,000 worth of various memecoins, including a portion of his MOODENG holdings. This move sent shockwaves through the memecoin market, particularly affecting Moo Deng.
The selling pressure intensified on October 7th when Buterin offloaded an additional 11.76 billion MOODENG tokens, valued at approximately $51,000.
Despite these sales, Buterin still retained a significant position in MOODENG, reportedly worth over $8 million.
As a result of these events, MOODENG’s market capitalization has shrunk dramatically, falling to $110 million. The price per token stood at $0.11 at the time of reporting, representing a 20% decrease in just 24 hours.
The crypto community has drawn parallels between MOODENG’s situation and that of another memecoin, NEIRO.
In August, Buterin sold his NEIRO holdings, reportedly for charitable purposes. While NEIRO initially experienced a sharp decline following Buterin’s sell-off, it later saw a significant price increase.
Some speculators are hopeful that MOODENG might follow a similar pattern to NEIRO, potentially rebounding after this initial downturn.
These optimistic traders view the current market fear surrounding MOODENG as a potential opportunity to enter the market at a lower price point.
Technical analysts have noted that MOODENG is approaching key Fibonacci retracement levels, which some traders use as indicators for potential price reversals.
However, it’s important to note that cryptocurrency markets, especially those of memecoins, are highly volatile and unpredictable.
The MOODENG token operates on the Solana blockchain, which has gained popularity for its fast transaction speeds and low fees.
This has made it an attractive platform for memecoins and other crypto projects seeking alternatives to the Ethereum network.
Market sentiment around MOODENG remains largely negative, with many investors choosing to sell their holdings. However, the memecoin market has shown resilience in the past, often defying traditional market logic and recovering from significant downturns.
As of the latest data, MOODENG’s trading volume has increased, indicating heightened market activity. Whether this activity will lead to a price recovery or further decline remains to be seen.
Investors and market observers are closely watching the MOODENG situation, as it may provide insights into the broader memecoin market and the impact of high-profile figures like Vitalik Buterin on these volatile assets.
