MOODENG up 50% as Coinbase lists viral meme
Coinbase added TikTok-inspired meme coin Moo Deng to its listing roadmap, expanding its cryptocurrency offerings during Q4 2024.
The largest U.S. cryptocurrency exchange, Coinbase, has listed viral Solana-based (SOL) meme coin Moo Deng (MOODENG) after a flurry of crypto additions in recent weeks. Last month, Coinbase onboarded Pepe (PEPE) and Floki (FLOKI) to its trading platform.
Like previous meme coin additions, Moo Deng’s price surged after Coinbase’s announcement. DEXScreener data showed a 50% increase in Moo Deng’s market cap within the last 24 hours.
Moo Deng started as a social media sensation on TikTok nearly three months ago. The viral baby hippo caught attention, and Solana developers swiftly created a token.
In two months and 21 days, the meme coin has achieved a $555 million market cap. MOODENG peaked at over $700 million before retracing some of its gains to current levels.
SOL devs have issued several tokens like Moo Deng thanks to Pump.fun, a protocol that allows anyone to create a meme coin in minutes. Many industry leaders, like Binance founder Changpeng Zhao and Ethereum creator Vitalik Buterin, have criticized meme coins. Skeptics’ general rhetoric insists memes distract crypto participants from real utility.
Still, Pump.fun has witnessed massive patronage and raised over $100 million in revenue within its first six months. The platform recently received backlash over its live-streaming feature, as desperate meme creators employed odd tactics to market their coins.
Pump.fun promptly deactivated the streaming service, and developers continue to issue meme coins via the protocol. In November, it generated a record monthly revenue of $82.8 million despite meme controversy and platform decisions.
