BaoBaoSol, Moo Deng meme coins enjoy triple-digit gains

BaoBaoSol, a new meme coin seemingly inspired by the red panda-themed token, and Moo Deng, the recently launched hippo-themed token, have defied mainstream market conditions by posting triple-digit gains.

According to CoinGecko data, BaoBaoSol (BAOS) increased by 831.8% in the last 24 hours and Moo Deng (MOODENG) increased by 511.2% in the last check on Sunday.

Meme coin market value is at 50.8 billion dollars.

Although little is known about the BaoBaoSol meme coin, Moo Deng is making waves in the digital currency world.

The coin, inspired by a pygmy hippo born at a zoo in Thailand last summer, has experienced a significant rise in recent weeks.

Latest price action

Last month saw a remarkable rise in Moo Deng’s value, reaching a record high of $0.3495, sending weekly gains over 700%.

Crypto enthusiasts wasted little time in capitalizing on the baby hippo going viral, creating Moo Deng-related memes, videos and challenges.

The popularity coincided with the coin boom, driven by a low entry price and an influx of new buyers due to the hope of keeping up with the next wave of big-meme coins.

Community-led growth and caution

The Moo Deng community played an important role in price movements.

Unlike other meme coins that rely on celebrity endorsements or major stock exchanges, Moo Deng’s growth has been almost entirely organic and through grassroots participation.

Despite the recent rise, crypto analysts are warning investors about the volatility of meme coins. See below.

If you bought #MODENG You fell 50% a week ago, as did many of you. You will fall even further the next week. Stop being the exit liquidity that is the flavor of the week meme money for influencers. pic.twitter.com/3XGnS4pco3

— AltCoinDaily.eth (@CryptoStylesUSA) October 4, 2024

Moo Deng’s price may continue to fluctuate due to unpredictable factors such as market sentiment.

At one point, Moo Deng’s market cap reached over $300 million, making it the largest token in the Pump.fun ecosystem. It has since fallen to $138 million.