Moo Deng, Neiro, SPX6900 surge as fear and greed index hits 42

There was a sea of ​​green in the cryptocurrency industry as Bitcoin rose for two consecutive days and the fear and greed index broke out of the fear zone.

Moo Deng, Neiro and SPX6900 led crypto’s comeback

Meme coins were some of the best performing assets. New hippo-themed token Moo Deng (MOODENG) has doubled in market cap to over $35 million.

Another popular meme coin, Neiro (NEIRO), surged 51.6% to reach an all-time high of $0.0015. Its market cap has risen to over $621 million, making it more valuable than companies like Beyond Meat, GoPro, and Spirit Airlines.

SPX6900 (SPX), which hopes to be a better version of the S&P 500 index, rose 46%, continuing last week’s gains. It increased by over 46% in the last 24 hours, gaining a market value of over $373 million.

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Spent only 0.125 $ETH($251) to buy 5.9T $PEPE($100 million at peak) and sold 3.94 trillion $PEPE for 2,614 $ETH($5 million), leaving… pic.twitter.com/6PsrrckIC9

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Other top-performing cryptocurrencies were Mog Coin, Popcat, Sui, and Bittensor, up over 10%.

This price movement comes as investors embrace risk appetite following last week’s strong US non-farm payrolls data and China announcing more stimulus. As a result, global stocks also rebounded; Japan’s Nikkei 225 and Hong Kong’s Hang Seng indexes rose over 2%.

Crypto fear and greed index rises

Meanwhile, the crypto fear and greed index broke out of the fear zone and rose to a weekly high of 42. In most cases, cryptocurrencies perform well when investors are no longer afraid.

This recovery also followed some positive news in the crypto industry. Metaplanet, a Japanese company, has continued to accumulate Bitcoin (BTC) as it attempts to replicate MicroStrategy’s success. MicroStrategy, which has accumulated more than 252,000 tokens worth $15.8 billion, has a market cap of over $33 billion, giving it a high premium.

Additional data showed that the number of Bitcoin addresses holding over $1 million in Bitcoin continues to increase. This is a sign that there is significant demand for the cryptocurrency despite its recent performance.

Donald Trump is also a factor in the ongoing backlash after holding a campaign rally with Elon Musk. Polymarket data shows he has widened his lead over Kamala Harris to 51%.

Trump is seen as a better candidate for the crypto industry because he has promised to appoint crypto-friendly officials. It is also an important participant in the industry through the World Liberty Financial project. Arkham’s data shows that he owns over $6.5 million worth of cryptocurrencies.