Overview of Moodeng’s Price Surge
Moodeng’s Dramatic Rise Following Coinbase Announcement
The meme coin Moodeng (MOODENG) has gained substantial attention in the cryptocurrency market, experiencing an astounding 126% price surge within just one hour of Coinbase’s announcement on December 2, 2024, regarding its upcoming listing on the exchange. The token’s price shot up to $0.68, marking a significant recovery from its previous levels and nearing its November peak of $0.69. This impressive climb has drawn the interest of investors, with trading volume skyrocketing by 400% to an exceptional $751 million.
The Coinbase Effect: Catalyst for the Price Movement
The rise in Moodeng’s price can be attributed to what is often referred to as the “Coinbase effect.” This phenomenon occurs when the anticipated inclusion of a cryptocurrency into Coinbase’s roadmap generates significant excitement and speculation among traders. Although trading for MOODENG has not yet commenced on Coinbase, the announcement alone has stirred considerable market activity and interest.
After facing a downturn where the coin’s value fell from $0.67 to $0.30, the recent spike brings MOODENG’s market capitalization close to $500 million. Currently, it trades at $0.49, reflecting a 151% increase in daily trading volume to around $330 million.
Impact on Other Meme Coins
The ripple effect of Coinbase’s announcement was not limited to Moodeng. Other meme coins such as GOAT and Peanut the Squirrel (PNUT) also saw considerable price jumps, with GOAT rising by 9% and PNUT by 6% shortly after the news broke. The increased interest in meme coins suggests that the community is responsive to developments involving major exchanges like Coinbase.
Concerns About Market Liquidity
Despite the positive momentum and price gains, concerns about liquidity remain for MOODENG. The market depth, which refers to the number and size of orders at varying price levels, appears relatively shallow. On the OKX exchange—where MOODENG’s most liquid trading pair is listed—only $81,000 in resting orders is available, indicating that the market could be prone to significant volatility.
This thin depth raises caution as it suggests that substantial trades could lead to sharp price fluctuations, which investors should consider before trading.
The Influence of Coinbase’s Apple Pay Tutorial on PNUT
In a related development, Coinbase’s introduction of an Apple Pay tutorial featuring the meme coin Peanut the Squirrel (PNUT) has stirred speculation about its potential listing. The tutorial showcased PNUT alongside an upwardly trending price chart, leading many crypto enthusiasts to speculate that a listing announcement may soon follow. Over the past 24 hours, PNUT has seen a nearly 12% increase in its price, contributing to an impressive overall growth of 981.41% in the last month. Its current market capitalization stands at approximately $1.2 billion.
While the connection between the Coinbase tutorial and PNUT’s price surge remains speculative, the alignment of these events has fueled optimism among traders.
Conclusion
The cryptocurrency market continues to exhibit high levels of volatility and excitement, particularly surrounding meme coins like Moodeng and PNUT. As speculative trading follows news from platforms like Coinbase, investors are encouraged to stay informed about market developments and assess the associated risks carefully.