After Baby Hippopotamus became an internet sensation, a meme token also entered the crypto market to continue this hype. Interestingly, the hype followed the token, where it became investors’ favorite, especially after it delivered hefty profits on investment. However, the story does not end here, as the Moo Deng price has plummeted heavily after creating an ATH just a week ago, concerning the holders over this sudden shift.
Earlier, the token was booming heavily, and many, including one crypto investor earned $12.45 M in Just 17 days with this token. However, that has changed now, as its price has plummeted 50% over the week.
Analyzing The Moo Deng Price Performance
Moo Deng has become one of the popular meme coins to buy at this time, especially after its 90% surge moments after its launch. More importantly, such surges have continued throughout September. It was the time when the Moo Deng price surged to the ATH of $0.3387 before declining 63.2% ever since then.
However, we cannot overlook its overall growth, as many investors have made heavy gains. Even the Fortune reports revealed that Moo Deng’s price has surged by more than 1,400% amid the loss. It is currently trading at $0.1231 after a 10% decline in the last 24 hours. Moreover, despite the popularity, the market cap and trading volume have plummeted to $122,819,015 and $122,819,015.
As a result, few analysts have shown concern over this crypto token, as its demand has grown exponentially in a short period, which could result in a future crash. However, it is only an anticipation for now, with a 50-50 probability.
Why Is Moo Deng Price Crashing This Week?
After Moo Deng hit an all-time high at $0.3387, there has been a significant drop in investor sentiments. Since then, users have been focusing on selling to gain the highest profit, which is eventually dropping its prices on the charts. Moreover, usually, the ATH brings a consolidation period for the token to settle down amid the high buying pressure from buyers.
Also, the crypto market is not entirely bullish to support this token growth. Here, the overall user sentiments are still neutral, affecting the trades. Not to forget, meme coins are quite volatile in the crypto market, where their value depends on the trends. As new tokens are introduced in the market every other day, the users are also moving towards the news token for profit taking & capital rotation in the market.
In this attempt, another HIPPO memecoin is also gaining popularity, where one crypto trader made $2M within three days, and there are many more.
Final Thoughts
After 20 days of a continuous uptrend, the Moo Deng price has declined 63% since creating an all-time high on September 28. The token has quickly gained attention in the crypto market as it is based on a popular internet meme, which provided the token publicity. More importantly, investors are always awaiting new opportunities, and this token fits perfectly for many. However, the last few days have been under consolidation following the change in holders’ sentiments.
The post Why Is Moo Deng Price Crashing This Week Despite Popularity? appeared first on CoinGape.
