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The meme coin Moodeng (MOODENG) saw a remarkable 126% increase in price within an hour following Coinbase’s announcement on Monday regarding its listing on December 4. This rise elevated MOODENG’s price to $0.68, marking a 126% increase over the last 24 hours.
The price nearly approached its peak from November at $0.69, positioning the token close to achieving a new all-time high. Additionally, trading volume surged by 400%, reaching $751 million, reflecting heightened investor interest.
Coinbase Effect Drives Moodeng Price
The inclusion of Moodeng in Coinbase’s roadmap, which often precedes official trading, instigated the price increase. The “Coinbase effect” has historically enhanced the value of tokens that are listed.
Although trading for Moodeng is not yet available on Coinbase, the mere announcement of the listing significantly influenced its market performance.
#moodeng got just listed in @coinbase and shoot up lfg! pic.twitter.com/yEJ6HLMWPa
— madmix
(@madmixnum) December 2, 2024
After a two-week downturn that saw its price fall from $0.67 to $0.30, Moodeng’s market capitalization is nearing $500 million. Following the surge on Monday, it is currently trading at $0.49, with a 151% rise in daily trading volume to $330 million.
The listing also had a favorable impact on other meme coins, such as GOAT, which increased by 9%, and PNUT, which rose by 6% within 10 minutes of the Coinbase announcement.
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Liquidity Concerns Remain Despite Coinbase Listing
Despite the positive trend, MOODENG’s market depth is still relatively shallow, suggesting possible volatility. On OKX, which offers the most liquid trading pair for MOODENG, there are only $81,000 in resting orders, which is 2% above the current price.
Market depth, which measures liquidity, compiles all orders within certain parameters. This limited market indicates the potential for significant price fluctuations.
In the meantime, Coinbase indirectly sparked speculation regarding another meme coin, Peanut the Squirrel (PNUT), by featuring it in an Apple Pay tutorial video.
$PNUT has been featured on Coinbase’s new Apple Pay tutorial. https://t.co/PQ13V3bqsf pic.twitter.com/cF322KnFkF
— 比特币橙子Trader (@chengzi_95330) December 3, 2024
The 15-second video prominently showcased PNUT alongside a rising price chart, leading some crypto enthusiasts to speculate that a Coinbase listing could be forthcoming. According to Coinmarketcap data, PNUT has increased nearly 12% over the past 24 hours, over 11% in the past week, and an impressive 981.41% in the last month. Its current market capitalization and fully diluted valuation are at $1.2 billion.
The link between the Coinbase tutorial and PNUT remains speculative, but the timing coincides with the token’s recent price increase.
The post Moodeng Explodes 126% After Coinbase Listing News – Can the Rally Last? appeared first on Cryptonews.
