MOODENG Surges 15.57% on Moo Deng Birthday Celebration

On July 10th, the memecoin MOODENG experienced a notable surge, rallying by 15.57% in a single day. This surge coincided with the first birthday celebration of Moo Deng, a baby pygmy hippopotamus residing at the Khao Kheow Open Zoo in Thailand. The hippo, affectionately known as “bouncy pork” in Thai, has garnered a massive following online, with fans traveling from around the world to celebrate her special day.

The MOODENG token, launched in September 2024 on the Solana network, quickly gained traction and reached a market capitalization of $274 million by the end of that month. Although its market cap has since decreased to $202 million, the recent rally on Moo Deng’s birthday indicates a renewed interest in the memecoin. The price increase was accompanied by a 233% hike in daily trading volume, suggesting strong investor confidence.

The broader cryptocurrency market has also been performing well, with Bitcoin reaching new all-time highs and the altcoin market adding significant value. The memecoin market, in particular, has seen a collective gain of over $11 billion in market capitalization. This bullish trend, combined with the upcoming Pump.fun initial coin offering, has contributed to a positive sentiment in the memecoin sector.

Technical analysis of MOODENG’s price action reveals a bullish structure. The memecoin has tested the $0.15 area as support and rebounded higher, indicating a potential rally towards the $0.3 resistance level. The Relative Strength Index (RSI) is above the neutral 50 mark, and the On-Balance Volume (OBV) has been rising over the past ten days, suggesting a feasible buying opportunity for MOODENG bulls. Additionally, the steady decline in the exchange net position change since May indicates ongoing accumulation of the token.

The price recovery of MOODENG, combined with consistent accumulation, reflects growing bullish sentiment. While the birthday celebration of Moo Deng may not have a drastic impact on the market, the gains on that day highlight the strong investor confidence in the memecoin. As the cryptocurrency market continues to evolve, MOODENG’s performance will be closely watched by long-term investors and swing traders, with the $0.3 level serving as a key resistance to monitor.