Coinbase has revealed plans to list the popular meme coin Moo Deng (MOODENG), further expanding its presence in the meme coin category. Inspired by a viral dwarf hippo from Thailand, the Solana-based MOODENG has quickly gained traction with a significant market cap and a recent 68% price surge.
MOODENG’s Rise to Prominence
MOODENG, developed on the Solana blockchain, draws inspiration from Moo Deng, a dwarf hippo residing at Thailand’s Khao Kheow Open Zoo. The adorable creature went viral in September 2023, driving public interest and laying the groundwork for the token’s adoption. Launched on September 11, MOODENG created substantial trading volume on the meme coin launchpad Pump.fun.
As of December 2, MOODENG was trading at $0.59, marking a 68% increase within 24 hours. According to CoinGecko, its total market cap has exceeded $579 million, reflecting its robust financial performance alongside its community-driven popularity.
While the overall meme coin market, as tracked by Block’s Memecoin GMCI Index, experienced a 6% decline, MOODENG defied the trend with its strong upward momentum. This impressive performance positions MOODENG as a potential leader in the meme coin market.
Coinbase’s Growing Meme Coin Strategy
Coinbase’s decision to list MOODENG aligns with its broader strategy to expand its influence in the meme coin category. Following its announcements of Dogwifhat (WIF) and Pepe (PEPE), Coinbase continues to embrace meme coins as part of its offering, signaling a focus on capturing speculative investment trends.
While meme coins are often considered speculative, their listing on major exchanges like Coinbase can enhance their credibility and attract a broader audience. Coinbase’s move is expected to draw new users to the platform and strengthen its position in the meme coin market.
What’s Next for MOODENG?
MOODENG’s recent success illustrates that meme coins can offer more than just fleeting hype. Backed by a supportive community and sustained market interest, MOODENG shows the potential for long-term value creation.
As Coinbase adds MOODENG to its platform, Turkish NY Radio will continue to monitor its performance and broader implications for the meme coin market.
