MOODENG price soars 67% after Coinbase listing
The memecoin MOODENG (CRYPTO:MOODENG) experienced a significant price increase of over 67% following its listing on the cryptocurrency exchange Coinbase.
This surge comes after a challenging two-week period during which the token's value fell from $0.67 to $0.30.
In addition to the price rise, daily trading volume for MOODENG has surged by 151%, reaching $330 million.
The Coinbase listing has also positively impacted the broader memecoin market, with other tokens such as GOAT (CRYTO:GOAT) and PNUT (CRYPTO:PNUT) seeing increases of 9% and 6%, respectively, shortly after the announcement.
It is important to note that memecoins are inherently volatile due to their lack of intrinsic value, often fluctuating based on trader sentiment and minimal liquidity.
Market depth for MOODENG on OKX, which hosts the most liquid trading pair for the token, remains relatively thin, with only $81,000 in resting orders available within a 2% range to the upside.
This thin market depth suggests that further price volatility could occur as traders react to changing market conditions.
As traders continue to engage with MOODENG, its future performance will likely depend on sustained interest and overall market dynamics.
At the time of reporting, the Moo Deng (MOODENG) price was $0.6202.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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