LandWolf, Moo Deng surge as Solana DEX volume jumps

Solana-based meme coins led the charge as the crypto fear and greed index approached the 60 greed zone.

LandWolf (WOLF) and Moo Deng (MOODENG) were the best performing tokens, rising by 112% and over 56% on September 27. WOLF has surged over 390% from its lowest point this month, bringing its market cap into 2019. Over $38 million.

Moo Deng fared even better, soaring over 1,800% from its September lows, pushing its valuation to nearly $200 million.

Other popular Solana (SOL) meme coins have also seen double-digit increases in the past few days. In particular, Popcat (POPCAT) rose and increased its market value to $1 billion for the first time.

Their performance coincides with the increasing sentiment in the crypto market. Bitcoin bounced from September lows of $52,000 to over $65,000; The crypto fear and greed index increased from the fear zone of 34 to 56.

Meme coins often outperform large-cap coins like Bitcoin and Ethereum during bull runs due to their lower prices.

Additionally, data shows that Solana’s decentralized exchange volume has increased by over 32% over the past seven days to $6.3 billion. This volume was largely driven by decentralized exchange platforms such as Raydium, Orca, Phoenix and Lifinity.

Data from Solscan shows that many investors are buying Moo Deng and LandWolf, which explains their increasing daily volumes. LandWolf has more than 45,000 owners, while Moo Deng has more than 20,000 owners.

LookOnChain highlighted one of the owners, Moo Deng, who noted that the trader turned $1,331 into $3.4 million in 15 days. Another trader bought the token when its market cap was $70,000 and made a profit of almost $392,000. Such statements often lead to fear of missing out, triggering parabolic price movements.

Additionally, CryptoQuant CEO Ki Young Ju stated that cryptocurrencies are rising due to the anticipated launch of Binance founder Changpeng Zhao.

CZ is out early today; There is an upward trend everywhere. I’m not sure why, but I feel it too.

All he has to do is write “I’m back” and the market will soar. https://t.co/aFtIePtJSN

— Ki Young Ju (@ki_young_ju) September 27, 2024

Other catalysts for LandWolf, Moo Deng and other cryptocurrencies include interest rate cuts by the Federal Reserve and major stimulus measures by the Chinese government.