Moo Deng spikes as FOMO pushes holders to a record high

Moo Deng, the recently launched Solana Pump.fun token, continued to rise on Saturday, reaching an all-time high as fear of missing out emerged.

Moo Deng (MOODENG), a hippo-themed token, jumped to a record high of $0.3495, pushing weekly gains over 700%. Its market cap has risen to over $300 million, making it the largest token in the Pump.fun ecosystem.

Moo Deng price chart | Source: TradingView Moo Deng holders are on the rise

The rise triggered FOMO, or “fear of missing out,” among investors; This is evidenced by the increasing number of investors.

Coincarp data shows an increase in the number of holders to over 24,140. This is much higher than this week’s low of 9,000. Solscan data shows owners have reached 27,000.

There are signs that whales accumulate coins. According to Lookonchain, a whale purchased Moo Deng tokens worth over $1.59 million.

The whale currently holds $3.57 million worth of Moo Deng tokens.

Millionaires Mint

DexScreener’s data shows one trader who purchased $7,172 worth of coins and made a profit of $1 million. Another trader spent $14,000 and exited with a profit of $976,000 in a few days.

However, some traders missed this opportunity by exiting too early. One of them sold $297 worth of tokens, which would now be worth over $6.3 million.

Moo Deng’s rise comes as the meme coin recovery accelerates. Many of these tokens have experienced double-digit gains over the past seven days. Dogecoin (DOGE), the largest meme coin, is up 15.8%, while Shiba Inu (SHIB) is up 35%.

Popcat (POPCAT), one of Solana’s (SOL) leading tokens, reached a market cap of $1 billion for the first time, while the total valuation of all these cryptocurrencies rose to over $55 billion.

Fear and greed index is rising

Many investors are embracing risk-taking after the Fed lowered interest rates and the Chinese government announced a series of stimulus measures.

Central banks in the US, Europe and most Asian countries have cut interest rates to prevent a hard landing. Later, the crypto fear and greed index approached the greed zone of 60.

CNN The money index rose to the 68 greed zone, while the US dollar index fell to $100.40.

Crypto fear and greed index | Source: CMC

The risk for Moo Deng investors is that most cryptocurrencies are highly volatile. Typically, when a coin rises, there is always a risk of a harsh reversal.

For example, the Shiba Inu initially rose to a record high of $0.000088 in 2021 and then fell to $0.0000058 in 2022, a decline of over 93%. Dogecoin also rose to an all-time high of $0.4845 before falling 74% to the current $0.1230.