The price of Moo Deng (MOODENG), the popular Solana-based memecoin, has skyrocketed over 120% after Coinbase said it has added the token to its listing roadmap.
The meme token has recorded 303% growth over the past 30 days. Like many meme tokens, MOODENG is up, and tiding a wave of market maina higher.
Data from CoinGecko shows that MOODENG rose from $0.29 to $0.61 in over an hour after the announcement surfaced on Monday. The token extended its rally during the day, hitting a high of $0.65. At the time of reporting, it was trading at around $0.61, up over 90% in the last 24 hours.
Higher Prices May Hit
When a token is added to Coinbase’s roadmap, it’s a sign that the exchange is considering listing it on its trading platform in the near future. Prior to Moo Deng, Coinbase had added other major memecoins like Pepe (PEPE) and Floki Inu (FLOKI) to its roadmap, which eventually led to the listing of these two tokens.
Coinbase officially announced support for Pepe on Nov. 13. The token soared by 88% from $0.00001297 to $0.00002438 shortly after the listing news, per CoinGecko data. It has since traded at around $0.00002.
Moo Deng’s market cap has also experienced a major surge after Coinbase hinted at a future listing. The token hit $630 million in market value on Monday, currently ranking as the eighth-largest Solana memecoin.
While the inclusion of MOODENG on Coinbase’s roadmap suggests that the exchange is evaluating the token for a possible listing, no specific date for the official listing has been confirmed yet.
The price of MOODENG previously shot up nearly 100% after it secured a listing for a USD-Margined perpetual contract on Binance on October 25.
Typically, when major exchanges like Binance or Coinbase announce or hint at listings, it often generates considerable interest and trading activities among investors.
Kraken, another prominent exchange, has also recently added MOODENG to its listing roadmap. Apart from MOODENG, Kraken also mentioned other memecoins such as Peanut the Squirrel (PNUT), Neiro (NEIRO), Fwog (FWOG), MAGA (TRUMP), and Dogs (DOGS).
Launched on Pump.fun, Solana’s leading memecoin launchpad, MOODENG is inspired by a baby pygmy hippopotamus named Moo Deng from Thailand’s Khao Kheow Open Zoo. The token has quickly captured the playful nature and viral status of the real-world Moo Deng, successfully creating its own community.
To honor the inspiration behind Moo Deng, the team has decided to donate all trading fees accrued through the Moonshot app to the Khao Kheow Open Zoo.
Since its launch, MOODENG has soared around 3,400% from its entry point of $0.018 in September, data shows. Yet, as with many other meme tokens, MOODENG’s value is closely tied to market sentiment. Investors should be wary and exercise caution, as the volatility of meme coins can lead to unpredictable price movements.
Coinbase Hopeful for More Memecoin Listings Under Trump 2.0
Coinbase has been actively assessing listings for memecoins in recent weeks, a move that many see as a shift in its strategy under the incoming Trump administration. Everyone in crypto is hot for Trump – which may be premature.
Speaking with Bloomberg last week, Tom Duff Gordon, Coinbase’s VP of International Policy, stated that the exchange was hoping to provide more investment options to investors, especially small projects and memecoins.
The exchange expects that a Trump presidency could lead to a more favorable regulatory environment for cryptocurrencies. This enables Coinbase to engage with tokens that were previously restricted due to regulatory concerns
Many may share that thinking. Robinhood Crypto, also known for its cautious approach to memecoin listings, has recently added support for tokens like Pepe and dogwifhat (WIF). The exchange is rumored to list Bonk (BONK) after adding WIF to its list.
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