MOODENG (MOODENG), a meme-inspired cryptocurrency, has recently experienced a remarkable 82% surge in value, reaching a peak of $0.0002417 following a significant donation from Ethereum co-founder Vitalik Buterin.
Source: Coinmarketcap
This surge, which reached a staggering 96.85% price increase within just one hour, has been the latest topic of discussion in the crypto community.
Vitalik Buterin’s Donation Sent MOODENG Way Up: What Comes Next?
According to a report earlier today, the Khao Kheow Open Zoo announced that Vitalik Buterin had officially adopted Moo Deng, a pygmy hippopotamus, as part of their Wildlife Sponsorship Program.
Buterin’s generous donation of 10 million Thai Baht (approximately $292,230) will support wildlife conservation efforts, particularly those that nurture Moo Deng and her family.
It will also fund the construction of a new educational center dedicated to raising awareness about pygmy hippos.
The donation will be disbursed in two installments of 5 million Baht each, with the first installment processed on the day of the announcement.
In his statement, Buterin expressed enthusiasm for supporting wildlife and emphasized his commitment to conservation efforts.
This philanthropic gesture follows his earlier donations, including converting $1.6 million in meme coins into Ethereum for various charitable causes earlier this year.
The announcement of Buterin’s adoption led to an explosive reaction in the crypto market.
MOODENG’s price surged from a daily low of $0.0001228 to its peak of $0.0002412 within just 60 minutes.
Technical Analysis: How High Can MOODENG Go?
The trading volume for MOODENG surged over 700% within 24 hours following the announcement.
Currently, trading volumes have reached approximately $48.5 million due to the positive sentiment surrounding MOODENG.
Despite some volatility, the price stabilized around $0.0002268 at writing time after its peak.
However, technical indicators suggest that MOODENG may face challenges maintaining its recent gains amidst broader market pressures.
The Relative Strength Index (RSI) indicates that MOODENG is currently overbought, suggesting that a correction could be imminent if buying pressure diminishes.
Additionally, data from Coinglass reveals that MOODENG’s Open Interest in the derivatives market increased by 10% within the past day, surpassing $127 million.
Source: Cooinglass
This increase indicates growing interest among traders looking to leverage their positions in anticipation of further price movements.
The long/short ratio has accelerated towards parity at 0.9778.
The majority of traders are bullish on it.
Source: Coinmarketcap
However, analysts caution that MOO DENG may struggle to maintain its upward trajectory given prevailing bearish trends in the broader crypto market.
Major cryptocurrencies like Bitcoin and Ethereum have faced selling pressure recently, with Bitcoin down approximately 2.19% and Ethereum down about 3.20% over the past 24 hours.
Bitcoin is currently trading at around $95,670.
Its recent attempts failed to break through the critical resistance level at $100K.
The overall crypto market sentiment remains cautious as massive sell-offs have been observed across various assets.
Notably, over 33K BTC (valued at approximately $3.2 billion) have been sent to exchanges within the past week,
This bearish pressure could spill over into altcoins like MOODENG.
Although Vitalik Buterin’s charitable actions and subsequent price surge have garnered attention for MOO DENG, market conditions suggest that its gains may be short-lived unless sustained investor interest and a broader market recovery support it.
Analysts predict that MOO DENG’s price may dip further from its current levels before stabilizing again.
The current support level for MOODENG appears to be around $0.00015.
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