Moo Deng, the recently launched Solana Pump.fun token, continued rising on Saturday, reaching an all-time high as the fear of missing out set in.
Moo Deng (MOODENG), a hippo-themed token, jumped to a record high of $0.3495, bringing the weekly gains to over 700%. Its market cap has soared to over $300 million, making it the biggest token in the Pump.fun ecosystem.
Moo Deng holders are rising
The rally triggered FOMO, or ‘fear of missing out,’ among traders, as evidenced by the rising number of holders.
Coincarp data shows an uptick in the number of holders — over 24,140. That’s much higher than this week’s low of 9,000. Solscan data shows that the holders have hit 27,000.
There are signs that whales are accumulating tokens. According to Lookonchain, a whale acquired Moo Deng tokens worth over $1.59 million.
The whale now holds Moo Deng tokens worth $3.57 million.
Minting Millionaires
Data by DexScreener shows one trader who bought coins worth $7,172 and made $1 million in profit. Another trader spent $14,000 and exited with a $976,000 profit within a few days.
However, some traders have missed an opportunity by exiting very early. One of them sold tokens worth $297, which would now be worth over $6.3 million.
Moo Deng’s surge happened as the meme coin recovery accelerated. Most of these tokens have soared by double digits in the last seven days. Dogecoin (DOGE), the biggest meme coin, rose by 15.8%, while Shiba Inu (SHIB) pumped by 35%.
Popcat (POPCAT), a top Solana (SOL) token, achieved a market cap of $1 billion for the first time, while the total valuation of all of these coins has jumped to over $55 billion.
Fear and greed index rises
Many investors are embracing a risk-on sentiment after the Fed slashed interest rates and the Chinese government announced a series of stimulus measures.
Central banks in the U.S., Europe, and most Asian countries have slashed rates to prevent a hard landing. Subsequently, the crypto fear and greed index approached the greed zone of 60.
The CNN Money index has risen to the greed area of 68 while the US dollar index has dropped to $100.40.
The risk for Moo Deng investors is that most cryptocurrencies are highly volatile. Typically, when a coin surges, there is always a risk of a harsh reversal.
For example, Shiba Inu initially soared to a record high of $0.000088 in 2021 and then crashed by over 93% to $0.0000058 in 2022. Dogecoin also soared to an all-time high of $0.4845 and has dropped by 74% to the current $0.1230.
