MOODENG drops 60% as Buterin sells, traders hopeful
The most important points summarized:
- The price of the memecoin Moo Deng (MOODENG) dropped by 60% within a week.
- Vitalik Buterin, the founder of Ethereum, sold a large portion of his MOODENG holdings.
- Market sentiment remains negative, although some traders are hoping for a recovery.
A sharp price decline for Moo Deng
The memecoin Moo Deng (MOODENG) experienced a massive price drop of over 60% in the first week of October 2024. As recently as the end of September, the coin was one of the top performers, recording a price increase of 400%. At that time, the market capitalization reached 338 million USD. However, October brought a drastic decline, and the market capitalization fell to 110 million USD. Market sentiment quickly turned negative.
The impact of Vitalik Buterin’s sales
A possible trigger for the price drop could have been the sale of Moo Deng by Vitalik Buterin, the founder of Ethereum. On October 5, Buterin sold memecoins worth over 340,000 USD, including Moo Deng. Two days later, on October 7, he sold another 11.76 billion MOODENG, which was worth about 51,000 USD. Despite these sales, Buterin still holds Moo Deng worth over 8 million USD.
Will Moo Deng recover?
Some market observers are comparing the current situation of Moo Deng to that of NEIRO, another memecoin that Buterin sold in August 2024. At that time, the sale also led to a significant price drop, but NEIRO later recovered and experienced a notable increase. Whether Moo Deng will follow a similar path remains to be seen. At the time of writing, however, market sentiment remains largely negative, and many traders are still pessimistic.
Current price and potential opportunities
At the time of writing this article, the price of Moo Deng was 0.11 USD, representing a nearly 20% drop within 24 hours. Despite the negative sentiment, some traders remain optimistic. They see the current market situation as a potential entry opportunity, especially as Moo Deng approaches key Fibonacci retracement levels.
Our assessment
The sudden price drop of Moo Deng highlights how volatile the memecoin market can be. The sale by a prominent figure like Vitalik Buterin has certainly contributed to the uncertainty. However, the question remains whether Moo Deng will recover similarly to NEIRO. For risk-tolerant traders, the current situation might present an opportunity, while more conservative investors may prefer to wait until market sentiment stabilizes.
Sources
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Price | $3,456.28 |
| 24h % | 3.21 % |
| 7d % | 3.50 % |
| 30d % | -3.30 % |
| 60d % | 41.16 % |
| 1y % | 46.11 % |
| Market Cap | $416,451,781,467.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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