Significant fluctuations are sweeping through the cryptocurrency market . Bitcoin (BTC) $102,908 has plummeted to $103,888, and Ethereum (ETH) $2,498 has dipped below $2,500, losing 2% of its value. This volatility also extended to altcoins, affecting Dogecoin $0.23471 (DOGE), Solana $176 (SOL), and XRP, which faced notable depreciation. However, Moo Deng, a memecoin on the Solana network, drew attention by soaring more than 100% in the last 24 hours.
Binance’s Strategic Move Rejuvenates Altcoin
On May 11, Binance included MOODENG and GOAT coins in its Alpha Projects list. This strategic move brought these early-stage altcoins to the forefront for investors. Following the announcement, the price of Moo Deng coin swiftly jumped 60%, nearing $0.20.
Prior to this announcement, interest in Moo Deng had waned, partly due to controversies like the LIBRA coin scandal, which shook investor confidence. However, with Binance’s support, this lost interest resurged, causing the altcoin’s market cap to skyrocket from $140 million to $180 million in just a few hours. As the hype continued, Moo Deng’s value climbed to $0.2447.
Soaring Demand Raises Market Expectations
The surge in Moo Deng’s value was bolstered by increasing institutional interest following Bitcoin’s breach of the $100,000 mark. The Solana ecosystem’s growing appeal also reflected on memecoins, propelling the aggregate market value of the top 10 coins by 33.7% to reach $12.6 billion. According to CoinGlass data, open interest in Moo Deng futures contracts skyrocketed from $13.4 million to $274 million, indicating traders’ appetite and expectations in the crypto market overall.
Analysts predict that Moo Deng will test the $0.24 – $0.34 range in the short term. Despite a previous bearish signal indicated by a red resistance line, continued momentum may lead to fresh highs. This is drawing attention from both individual and institutional investors.
Fueled by Binance’s backing and its social media popularity, Moo Deng has experienced a rapid resurgence. The combination of institutional demand and futures trading confirms the cyclical rise in its price. Analysts highlight that surmounting the $0.34 threshold could potentially trigger a new bull run.
