MOODENG Price Surges 100% as the Solana-Based Meme Coin Captures Investor Attention

Solana-based meme coin Moo Deng (MOODENG) has experienced a remarkable upside of 100% on Sunday, with its price increasing to $0.26 levels, smashing through the $0.13 reached on Saturday. Its 24h trading volume also shot up to $1.45 billion.

Over the past week, MOODENG price surged 7x or 600% making it one of the top-performing altcoins.

What’s Behind the MOODENG Price Rally?

The overall meme coin space has been buzzing with strong trader activity over the past week, with coins like PEPE (PEPE) grabbing the limelight. However, this Solana-based meme coin has outpaced a lot of his peers during this period.

The altcoin, which had a stellar run-up last year in September 2024, saw its value plummet earlier this year, amid the broader market correction. However, as the market recovered, traders are once again willing to trade this meme coin in big numbers.

The recent MOODENG price surge has propelled MOODENG’s market capitalization back above the $100 million threshold, reaching $263.8 million according to the latest data. The rally has attracted substantial investor attention, leading to a significant uptick in trading activity.

CoinGecko reports that MOODENG’s daily trading volume soared to $1.2 billion, representing an impressive 325.8% increase. Notably, Coinbase contributed 27% of this total volume, highlighting strong engagement from US-based traders.

On-chain analytics from Solscan display a similar trend on decentralized exchanges (DEXs). Weekly buy volume surged by an extraordinary 8,201%, rising from $179,490 to $14.9 million at press time, showcasing heightened demand and activity.

MOODENG’s DEX trading chart. Source: solscan.io

Market analysts report that “smart money” is entering this meme coin. A post by StalkHQ on X revealed that strategic investors injected $194,000 into MOODENG on May 10, adding further momentum to its ongoing surge.

Another analyst, HolderScan, noted that 165 new wallets now control 25% of MOODENG’s supply, with an unrealized profit of $25.3 million.

Will the MOODENG Rally Continue Moving Ahead?

Crypto analyst Sneaky has drawn attention to MOODENG’s recent performance, citing “insane buying pressure” over the past two days. According to Sneaky, a reclaim above the $0.32 level could pave the way for a positive continuation. This shows that market analysts see $0.32 as a potential resistance for the meme coin.

On the other hand, MOODENG whales have started building up positions, but putting sell orders on the next resistance levels. As MOODENG continues its upward trajectory, a prominent whale has placed significant sell orders, signaling potential profit-taking.

The whale set limit orders to sell 2 million MOODENG, valued at $543,000, at a price of $0.565. An order to sell 1.1 million MOODENG, worth $298,000, was also placed at $1.11.