Amid a broader stock market rebound and growing interest in crypto assets, the token Moo Deng (MOODENG) became the top daily gainer on Coinbase. According to user KookCapitalLLC, the asset showed a strong upward trend, triggering a surge in trading volume and attracting significant attention from retail traders.
120% in a Day
On May 9, MOODENG rose from $0.04 to $0.1, marking a 129% gain in 24 hours, according to Coinbase. Trading volume on the platform exceeded $339 million. The price peaked at $0.11 before correcting back to $0.1. Interest in the token continues to rise in recent hours, despite signs of profit-taking.
Speculative Activity and Warnings for Traders
The rally in MOODENG coincided with the return of the “Greed” level on the Fear and Greed Index, indicating heightened enthusiasm in the crypto market. At the same time, analysts point out that technical indicators suggest the market may be overheating: the RSI on the hourly chart reached 78, a level that typically signals a potential pullback.
Retail Interest and Stock Market Effect
According to Solscan, the number of unique addresses holding MOODENG surpassed 70,000 — a sign of growing community engagement. The token also entered the top 15 meme coins on Solana, ranking 15th.
Shares of Coinbase (COIN) rose by 2,5%, which further supported optimism in the crypto space. This type of correlation between traditional and digital assets amplifies the FOMO effect and may be short-lived.
MOODENG’s success also coincided with Ethereum climbing above $2,200 and Bitcoin breaking past $100,000. The total crypto market cap increased to $3.25 trillion in the past 24 hours (+5,82%). Major stock indices also ended the day in the green: the S&P 500 gained 0,58%, the Dow Jones rose by 0,62%, and the Nasdaq climbed by 1,07%. This combination of market factors is fueling demand for speculative crypto assets, including Moo Deng.
Analysts caution that MOODENG is a classic meme coin with no fundamental value. It may only be appealing as a short-term speculative opportunity. Experts advise using tight stop-losses below $0.050 when trading this asset and being prepared for high volatility. If the rally continues, the next resistance zone is expected around $0.060.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
