Memecoin MOODENG Surges 67% After Coinbase Listing

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A Solana-based memecoin themed on viral Thai zoo hippo Moo Deng surged by more than 67% after <a href=”https://x.com/CoinbaseAssets/status/1863600476077347065″ target=”_blank”>it was listed on cryptocurrency exchange Coinbase</a> on Monday.

Its market cap is now pushing back towards $500 million after a two-week lull that saw the token’s price drop from $0.67 to $0.30. It is currently trading at $0.49 following Monday’s rise, with daily trading volume rising by 151% to $330 million.

The listing provided a much-needed boost to the wider memecoin ecosystem, with GOAT experiencing a 9% move to the upside, while PNUT rose by 6% during a 10-minute period following the listing.

It’s worth noting that memecoins are volatile by nature as they have no intrinsic value; they rise and fall rapidly based solely on trader sentiment on a backdrop of minimal liquidity. Market depth for MOODENG on OKX, which offers the most liquid trading pair, is still relatively thin with just $81,000 in resting orders 2% to the upside. Market depth is a metric that assess liquidity by aggregating all orders between set parameters, 2% in this case.