Moodeng offers a Boxing Day gift with a quick surge on Thursday morning.
The meme token surged from daily lows of $0.0001228 to $0.0002417 within 60 minutes, meaning the price surged by a staggering 96.85%.
The explosive move attracted attention as selling pressure continued in the broader market, with Bitcoin and Ethereum down 2.19% and 3.20% in the past 24 hours.
Meanwhile, MooDeng’s explosive move follows the news that Ethereum founder Vitalik Buterin has become hippo MooDeng’s foster parent.
Buterin adopts Mu Deng after joining wildlife sponsorship program
Wildlife conservancy Khao Khao Open Zoo revealed a substantial donation from Ethereum co-founder Vitalik Buterin.
Thank you Vitalik Buterin @VitalikButerin To join the Wildlife Sponsorship Program and adopt Moo Deng with a generous gift of 10,000,000 THB for his family! We look forward to working with you over the next 2 years for the benefit of the Khao Kho Open Zoo community and all…
Details reveal that Buterin adopted the famous hippo Moo Deng after joining a wildlife sponsorship program.
Specifically, they donated 10 million Thai Baht, approximately $292K, to support the baby hippo and its family.
Following Buterin’s move, the Moo Deng community expressed gratitude and said they would use the funds to “build a new home for Moo Deng.”
Meanwhile, the donation will come in two 5 million Thai baht batches.
The initial installment will be due today, December 26, 2024, and the second within the next twelve months.
mudeng price reacts
The meme token exploded following the news, rising nearly 97% to a peak of $0.0002417.
However, it has pared some gains to around $0.0002039 at press time, but strong trading volumes indicate renewed trader optimism.
Mudeng’s trading volume increased by more than 450% in a 24-hour time frame, reflecting the massive investor activity behind the alt’s price movements.
Apart from this, the derivatives market is also witnessing a boom.
coinglass data Shows that the token’s open interest has increased by 5% within the past day to more than $110 million.
Furthermore, the 24H long/short ratio moved towards 1, which is currently at 0.9822.
This confirms the shift in the market, with more traders betting on bullish actions.
Nevertheless, Mudeng exhibits massive volatility, prompting a cautious stance.
Furthermore, altcoins are unlikely to maintain recent gains amid the prevailing disappointing broader market.
Thus, Mudeng’s price is likely to fall further below its current levels before stabilizing.
crypto market outlook
The cryptocurrency remains under selling pressure after Bitcoin’s failure in its recent attempt to reach $100,000.
The leading digital coin changes hands at $95,670 and looks set for more declines.
Bitcoin has struggled since Jerome Powell’s comments The uptrend that hit $108,000 ATH in mid-December ruined the party.
Renowned crypto analyst Ali Chart highlighted that investors have sent over 33K BTC (worth approximately $3.2 billion) to exchanges within the last week.
This suggests that investors may be preparing to sell amid price uncertainty.
Heavy selling amid declining demand created significant bearish pressure, sending the entire crypto market down.
Such sentiments point towards short-term bullish gains, as the meme token will follow broader market trends in the upcoming sessions.
Meanwhile, Captain Fabik Hope Bitcoin will reach $110K by the end of 2024 before exploding in the coming year.
Post Ethereum’s Vitalik Buterin’s Adoption of Hippo MooDeng Drives MooDeng Up 97% first appeared on Invez
