Solana-based Moo Deng (MOODENG) shot up over 80% within an hour after prominent American crypto exchange Coinbase announced it plans to list the token.
Data from CoinGecko shows the meme token is now priced at about $0.57. In a 24-hour period, MOODENG has jumped by nearly 54%.
The token, which gained traction in September, is still down from the all-time high price of $0.68 it touched in November. It only has 16% more to rise until it beats that level, though.
The asset runs on Solana's network—a blockchain that has this year become increasingly attractive for those wanting to mint new tokens.
Coinbase made the announcement Monday that the token would be listed on its exchange, adding Moo Deng to its roadmap. Meme coins listed on the roadmap in recent weeks have typically become available for trading later the same day.
When the San Francisco-based firm lists tokens, they typically go up in price as traders consider them to be more legitimate, not to mention far more accessible to mainstream traders. This is known as the "Coinbase effect."
As the price of Bitcoin has increased, hitting new all-time highs this year, so have meme coins and tokens. Meme coins are cryptocurrencies based on internet jokes, celebrities, real-world events, and beyond. They can make lucky traders a lot of money, but can just as easily lead to huge losses due to their volatility.
A popular meme coin that surged to prominence in late September—making some investors millions in the process—had spent the last few weeks in an apparent death spiral as traders moved on to other coins. But now it's up 200% on the day after top crypto exchange Binance took notice.
The Solana-based Moo Deng (MOODENG) has tripled in price over the last 24 hours, per data from CoinGecko, rising to a current price of about $0.23 after hovering below the $0.08 mark in recent days.
The spike commenced...
MOODENG in particular made headlines after one trader turned an $800 investment into $7.5 million.
But it can be hard to reap the rewards from such assets: As Decrypt has previously reported, liquidity is an issue in the space. One investor who made millions on paper couldn't take home their winnings immediately, because such a move could cause a market crash by draining all of the liquidity—and render any big gains worthless.
Edited by Andrew Hayward
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