Moo Deng Coin, the Latest Memecoin Craze, Has Shot Up 1,400% Since It Was Created Less Than 3 Weeks Ago

And given that memecoins, which have zero underlying value and trade purely on vibes and hype, it's no surprise Moo Deng Coin has shot up 1,400%

A new cryptocurrency, inspired by the viral baby pygmy hippo at Thailand’s Khao Kheow Open Zoo, has skyrocketed 1,400% since its launch less than three weeks ago.

The meme coin, called Moo Deng Coin, is now trading at about 25 cents (RM1.03) a coin, up 90% over 24 hours on Friday.

The astronomical rise in the value of the coin is baffling, especially considering that meme coins have zero underlying value and trade purely on vibes and hype.

For context, a solana wallet address starting with “Db3P” bought 6 SOL worth of the new meme coin on September 10.

At the time of purchase, the solana was trading at about US$135 (RM560), meaning that the trader spent around US$800 (RM3,300) on the meme coin.

However, the investment was worth around US$7.5 million (RM30.9 million) in pygmy hippo tokens on Friday, according to blockchain data.

This marks a significant increase from earlier this week, when the trader’s incredible gains were last highlighted by Arkham Intelligence, at which point the trader’s stash of Moo Deng Coin was valued at about US$3.5 million (RM14.4 million).

According to Decrypt, which examined blockchain data on Friday, approximately 30.2 million MOODENG tokens are still being held between the main wallet and three others, following transfers to those wallets last week.

The as-yet-unidentified trader has faced accusations across Twitter of being an “insider” who got an early jump on the coin, or an undisclosed team member who is now reaping the rewards of the coin’s wild success.

However, it’s important to note that the fun will likely be over once Db3P actually cashes out, which could signal that the coin’s collapse has begun.

This is because the coin isn’t based on anything and has no utility, so there’s no fundamental value to the coin.

The Moo Deng coin is the latest product of a niche online culture that also birthed Dogecoin (created as a joke to dunk on bitcoin) and Shiba Inu coin (a joke to dunk on Dogecoin).

Like any fun internet sensation, meme coins tend to have a short lifespan.

Moo Deng’s cuteness may play a part as the driving force behind the new coin.

The cute factor might be keeping the coin afloat amid the downturn, as the coin was up 90% over 24 hours on Friday.

The uptick in the value of the coin comes as the US Federal Reserve cut interest rates last week and signalled more cuts to come.

This move is also powering a surge in crypto broadly, from the Moo Dengs to the more mainstream bitcoin and ethereum, as looser monetary policy tends to benefit high-risk assets like crypto.

The popularity of the meme coin, which has fluctuated in value and now appears to be on the slow downtrend, has spawned a series of related tokens, including coins dedicated to Moo Deng’s mother, Jonah, and siblings Moo Toon and Moo Waan.

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