Moo Deng, a famous meme coin that rallied significantly late last month, making some traders millions of dollars in the process, spent the better part of October in a death spiral as the hype around it faded. However, it has surged 120% to $0.22 in the past three days after Binance, the leading crypto exchange by trading volume, listed it.
Although data from CoinGecko shows a slight drop (0.94%) in the past 24 hours, Moo Deng’s price has more than doubled since Friday after trading around $0.08 at the start of the month.
Binance Lists Moo Deng in the Futures Market
As mentioned, the meme coin’s latest rally comes after Binance’s listing announcement. On Friday morning, the top exchange said it would list Moo Deng in its futures market, allowing margin traders to bet on the token’s future price.
However, the rally hasn’t been strong enough to propel the token to its all-time of $0.33, recorded on September 28th. Last month, Moo Deng posted gains of over 1,100% but shed most of them at the start of October as traders shifted their focus to other rising meme coins like GOAT.
What are Meme Coins?
Meme coins, such as Moo Deng, are highly volatile tokens inspired by memes, internet jokes, and more. Although they lack utility, they have become popular among crypto traders due to their ability to rise in value quickly. However, meme coins disappear within a short time, and this explains why long-term investors are advised to avoid these cryptocurrencies.
Moo Deng Trader Flips $800 Into $7 Million
Meme coins are known for creating millionaires from almost nothing. In a recent event, one lucky investor invested roughly $800 in Moo Deng and saw their investment hit over $7 million within a few days.
However, they couldn’t sell their entire Moo Deng holding due to a lack of liquidity. Insufficient liquidity has been a major issue for meme coin traders because they can earn millions of dollars but can’t cash them out. As of this writing, data from Dexscreener shows that the lucky investor still holds about 21 million Moo Deng tokens worth $4.3 million.
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