Moo Deng has rapidly gained attention as one of the most successful digital assets in the past week, showcasing significant growth in both price and market cap.
Currently, Moo Deng stands out as the leading performer in the memecoin category, solidifying its position as a prominent player in the recent memecoin upswing.
Outstanding Performance by Moo Deng
Recent data from CoinMarketCap reveals that Moo Deng (MOODENG) has witnessed a remarkable surge of over 400% in value within the last seven days, securing its spot as the top performer among the top 500 cryptocurrencies.
On September 24th, the token was valued at around $0.04, but a series of significant upticks during the week propelled its price to a high of $0.30 by September 28th.
Although there has been a slight decrease post reaching its peak, Moo Deng continues to trade at approximately $0.20, showcasing a robust performance compared to the start of the week.
However, a recent 19% decline in the past 24 hours has positioned it among the leading daily decliners at present.
The price volatility implies that while Moo Deng has garnered considerable attention, it remains susceptible to the typical market oscillations affiliated with memecoins.
Upsurge in Market Capitalization and Trading Volume for Moo Deng
As anticipated, Moo Deng’s market cap surged in tandem with its price escalation. Initially valued at $111 million, the market cap peaked at $338 million during the price surge.
Subsequently, the market cap has slightly receded to $220 million, mirroring the recent price correction.
Additionally, alongside the market cap boost, Moo Deng’s trading volume witnessed a significant spike. Starting at $60 million, the volume escalated with the price surge, hitting approximately $196 million at its peak.
Despite a decline in trading volume, it has sustained above $100 million, indicating continuous trader engagement with the asset, which in turn helps uphold its current price levels.
Memecoin Market Displays Wider Recovery
The impressive performance of Moo Deng coincides with a broader recovery observed in the memecoin market. Following a downturn that led to a total market capitalization drop for memecoins to $35 billion, the sector has shown signs of resurgence.
Presently, the market cap has risen to $54 billion, marking a notable $15 billion surge over the past week.