MOODENG, the Solana-based meme coin, retraces 14% after a 703% one-week surge

MOODENG, the Solana-based meme coin, has seen a 703% surge over seven days, but the bullish trend seems to be cooling, with the price dropping 14.02% from its recent high of $0.30 to trade at around $0.2613.

This steep rise from under $0.04 to over $0.30 had propelled the coin to the top of crypto performance charts and attracted strong speculative interest, as evidenced by the $342 million in open interest on futures exchanges. However, this figure has since dropped by 29.22%, now standing at $246.10 million.

The massive increase in open interest, which occurs when traders open futures positions, reflected a major influx of traders, but the decline may suggest reduced conviction or profit-taking among speculators.

While the bullish trend had been driven by momentum, the current price drop indicates profit-taking and cooling sentiment as the token struggles to hold key resistance at $0.355. Still, its position within the Solana ecosystem keeps it on traders’ watchlists.

The coming days may decide whether MOODENG finds support at this level or continues sliding as speculative demand wanes.

Small holders expand rapidly

According to on-chain data from Holderscan, MOODENG’s retail base is expanding rapidly, with the total number of holders climbing to over 75,000.

This trend is being driven mainly by smaller wallet addresses, with the share of holders holding less than $10 in their wallets increasing sharply. In just ten days, this category went from 17% to 33%.

In contrast, the share of holders with more than $1,000 in their wallets decreased from 33% to 25%, indicating that some larger holders might be exiting their positions or shifting to different tokens.

This growth in low-value holdings typically reflects strong grassroots participation, especially during periods of significant price appreciation, which attracts a broader audience.

While such distribution may appear fragmented, it also indicates a reduction in token concentration, which can support price stability in highly speculative assets.

MOODENG price action

At the time of writing, MOODENG is trading at $0.2613, down 14.02% from its recent peak. It remains just below a key resistance level of $0.355.

If the price manages to breach this level and establish it as support, technical charts suggest that the token could be pushed towards a retest of its previous all-time high of $0.700.

However, the current decline could reflect short-term investors taking profits, especially if the token fails to break through the crucial resistance. A continued slide may send the price back to $0.180—a drop of over 30% from current levels.

The earlier bullish trend had also been supported by futures market data, where $324 million had flowed into MOODENG contracts. Whether this trend holds remains to be seen amid growing volatility.