Moo Deng (MOODENG) price gained momentum as it soared by over 136%, making it one of the best-performing tokens in crypto.

Moo Deng (MOODENG) price gained strong momentum on Friday as it skyrocketed by more than 136%, making it one of the best-performing tokens in the crypto market.

The pygmy hippo-themed meme coin hit an intraday high of $0.104 on May 9 afternoon Asian time, reaching its highest level since February 1. The token has now surged by over 300% from its yearly low.

Its rapid ascent comes amid a nearly 440% spike in futures open interest to $125 million, marking the highest since January 7, according to CoinGlass data. Just a month ago, open interest stood at $13.4 million. A surge in open interest usually indicates rising interest from traders and heightened speculative activity in the market.

The rally also aligns with the altcoin’s weighted funding rate turning positive today. A positive funding rate implies that traders going long are paying a small fee to those going short. It signifies that more individuals are displaying bullish tendencies and are willing to pay a premium to maintain their long positions.

Meanwhile, on-chain data reveals that investors are holding onto their tokens, with exchanges experiencing seven consecutive days of net outflows, summing up to approximately $3.5 million. This is generally viewed as bullish as it suggests people are transferring tokens from exchanges to private wallets, thereby reducing the immediate selling pressure.

Further fueling the hype, there’s growing chatter within the community about a possibility of Binance listing MOODENG on its spot market. While nothing is confirmed yet, speculations are intensifying considering that MOODENG is already available for trading on Binance Futures and has listings on major exchanges like Coinbase (NASDAQ:), OKX, Bitget, and Gate.io.

MOODENG’s rally on Friday also closely follows a broader memecoin boom, partially driven by Bitcoin’s rally past $100,000 for the first time since February.

The bellwether’s momentum has boosted risk appetite across the market, sending the total memecoin market cap up 15% in the last 24 hours. Other big names like Pepe (PEPE), Pudgy Penguins (PENGU), Popcat (POPCAT), and Mog Coin (MOG) have also seen strong gains of 20–50%.

Bitcoin was trading around $103,075 at press time, closely approaching its all-time high and setting the tone for broader gains in altcoins.

MOODENG price analysis

On the 4-hour USDT chart, MOODENG broke above the upper boundary of a bull flag pattern, signaling a potential continuation of the uptrend according to classic technical analysis.

Importantly, the 50-day moving average is still holding above the 200-day, meaning the golden cross is still intact, keeping the longer-term bullish trend in play.

Momentum indicators are also lining up with the bullish outlook. The MACD lines have turned upward, hinting at growing positive momentum.

On top of that, the Relative Strength Index has surged deep into overbought territory, hitting 94.7. While this could signal that the rally is overheated in the short term, strong rallies in meme coins can stay overbought longer than expected.

With this setup, MOODENG could continue climbing toward its next big hurdle at the $0.20 psychological resistance level. A clean break above that could pave the best way for bulls to target this year’s high of $0.31, which was last seen on January 4.

As previously noted by analysts at crypto.news, historical trends suggest that once Bitcoin’s dominance approaches the 72.92% level, last seen in December 2022, investors could begin rotating capital into altcoins.

Currently, Bitcoin Dominance stands at 64.14%. If history repeats, it could translate into additional momentum for memecoins like MOODENG in the coming weeks.