Newton Gitonga
MOODENG offers a boxing day present with a swift surge early on Thursday.
The meme token soared from a daily low of $0.0001228 to $0.0002417 within 60 minutes, translating to a staggering 96.85% price increase.
The explosive move attracted attention as the broad market endured selling pressure, with Bitcoin and Ethereum down 2.19% and 3.20% in the past 24 hours.
Meanwhile, MOODENG’s explosive move followed the news that Ethereum founder Vitalik Buterin became hippo Moo Deng’s foster parent.
Buterin adopts Moo Deng after joining the Wildlife Sponsorship Program
Wildlife conservative Khao Kheow Open Zoo revealed a substantial donation from Ethereum’s co-founder Vitalik Buterin.
Thank you Vitalik Buterin @VitalikButerin for joining the Wildlife Sponsorship Program and adopting Moo Deng with a generous gift of 10,000,000 THB for her family! We look forward to working with you over the next 2 years for the benefit of the Khao Kheow Open Zoo community & all…
Details show Buterin adopted the famous hippo Moo Deng after joining the Wildlife Sponsorship Program.
Notably, he donated 10 million Thai baht, approximately $292K, to nurture the baby hippo and her family.
The Moodeng community expressed gratitude following Buterin’s move, stating they would use the funds to “create a new home for Moo Deng.”
Meanwhile, the donation will come in two 5 million Thai baht batches.
The initial installment happens today, on 26 December 2024, and the second one within the next twelve months.
MOODENG price reacts
The meme token exploded following the news, gaining nearly 97% to hit the $0.0002417 peak.
While it pared some gains to hover around $0.0002039 at press time, robust trading volumes suggest renewed trader optimism.
MOODENG’s trading volume surged over 450% in the 24-hour timeframe, reflecting massive investor activity behind the alt’s price actions.
Also, the derivatives market demonstrates the surged traction.
Coinglass data shows the token’s Open Interest increased by 5% within the past day to surpass $110 million.
Further, the 24H long/short ratio accelerated towards 1, currently at 0.9822.
That confirms market shifts, with more traders betting on bullish actions.
Nevertheless, MOODENG exhibits massive volatility, prompting a cautious approach.
Also, the altcoin will unlikely maintain the recent gains amidst the prevailing gloomy broad market.
Thus, MOODENG’s price will likely dip further from its current levels before stabilizing.
Crypto market outlook
Cryptocurrencies endure selling pressure following Bitcoin’s failure to hit $100K on its recent attempt.
The leading digital coin changes hands at $95,670 and appears poised for more dips.
Bitcoin has struggled since Jerome Powell’s remarks ruined the upward party that saw it hitting $108K ATHs in mid-December.
Renowned crypto analyst Ali Chart highlighted that investors have sent more than 33K BTC (worth about $3.2 billion) to exchanges within the past week.
That shows that investors could be preparing to sell amid price uncertainty.
Massive sell-offs amidst dwindled demand trigger significant bearish pressure, dragging the entire crypto market down.
Such sentiments point to short-lived MOODENG gains, as the meme token will likely follow broad market trends in the upcoming sessions.
Meanwhile, Captain Faibik expects Bitcoin to hit $110K by 2024 end before exploding in the coming year.
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