Moo Deng, the recently launched Solana Pump.fun token, continued to rise on Saturday, hitting an all-time high as the fear of missing out set in.
Moo Deng (MOODENG), a hippo-shaped token, jumped to a record high of $0.3495, taking weekly gains to more than 700%. Its market capitalization has risen to over $300 million, making it the largest token in the Pump.fun ecosystem.
Mo Ding owners are on the rise
The rise has sparked FOMO, or “fear of missing out,” among traders, as evidenced by a rise in the number of stockholders.
quincarb The data shows a slight increase in the number of owners – more than 24,140. This is well above this week’s low of 9,000. SolScan data It shows that its owners reached 27,000.
There is evidence that whales accumulate tokens. According to Lookonchain, the whale acquired Moo Deng tokens worth more than $1.59 million.
The whale now holds Moo Deng Tokens value $3.57 million.
Mint millionaires
Data released by DexScreener shows that one trader bought $7,172 worth of coins and made a profit of $1 million. Another trader spent $14,000 and walked away with a profit of $976,000 within a few days.
However, some traders missed an opportunity by exiting too early. One of them Tokens sold Worth $297, which is now worth over $6.3 million.
The Moo Deng boom occurred as the meme coin recovery accelerated. Most of these tokens have risen by double digits in the past seven days. Dogecoin (DOGE), the largest meme coin, rose 15.8%, while Shiba Inu (SHIB) pumped 35%.
Popcat (POPCAT), one of the hottest Solana (SOL) tokens, achieved a market capitalization of $1 billion for the first time, while the combined valuation of all these coins jumped to over $55 billion.
The fear and greed index rises
Many investors are adopting a risk-on sentiment after the Federal Reserve cut interest rates and the Chinese government announced a series of stimulus measures.
Central banks in the United States, Europe, and most Asian countries have reduced interest rates to prevent a sharp decline. After that, the Cryptocurrency Fear and Greed Index approached the greed zone of 60.
The CNN Money Index rose to the greed zone of 68 while the US Dollar Index fell to $100.40.
The risk facing Moo Deng investors is that most cryptocurrencies are highly volatile. Normally, when a currency rises, there is always a risk of a sharp reversal.
For example, the Shiba Inu initially rose to a record high of $0.000088 in 2021 and then collapsed more than 93% to $0.0000058 in 2022. Dogecoin also rose to an all-time high of $0.4845 and fell 74% to $0.1230 present.