Ah, MOODENG. The Solana-based meme coin with a name that sounds like half a hair product and half a martial arts move. Against all apparent logic and probably most people’s better judgment, it’s rocketed a blistering 700% in just a week—enough to make even the most seasoned crypto trader wonder if they’ve been investing in entirely the wrong brand of internet nonsense. 🙃
Naturally, MOODENG is now perched smugly on the brink of a new all-time high (ATH), as momentum snowballs and investors try to decide if they’re early to the party or about to be the punchline.
What In the Name of Dogecoin Is Driving This?
It’s not just hope and memes fuelling this bonfire—there’s actual ‘organic demand’. (I do hope that means it’s pesticide-free.) According to Open Interest (OI) data, which is a fancy term for ‘nosey people seeing where the money’s going,’ traders have collectively hurled $324 million at MOODENG in under a week. That’s an OI jump from $18 million to $342 million—a mathematical leap that would make most statisticians need a lie down.
It’s not just the spot market, either. The futures market (which, poetically, tries to predict the future while also creating headaches for everyone involved) has also joined the pile-on, with $324 million sloshing around in MOODENG futures contracts. Yes, people are betting on the future of a coin whose main selling point is its ability to make people go “Why not?”
And, speaking of spreading the love, Holderscan reports MOODENG’s holder base has ballooned to 75,000 souls. Apparently, these aren’t just whales: the number of folks holding less than ten bucks’ worth of this thing has nearly doubled to 33% in ten days. Micro-holders, assemble! 🥳
What does that mean? Mainly that people who really should be buying themselves a treat instead are buying meme coins. But also, that the ‘wisdom of crowds’ might now apply to everything from financial bubbles to digital collectible sea shanties.
Bullish to Infinity, or Are We All Just Entertained?
With MOODENG up 703% (yes, your calculator is as baffled as you are) and trading at $0.305, the coin is doing laps around the resistance at $0.355. One wonders what the resistance is made of. Good sense, maybe?
If MOODENG gets through this stubborn $0.355 ceiling—preferably with a running start—it could swan-dive past its previous ATH of $0.700. Cue fireworks, happy memes, and quite possibly selfies taken on yachts.
Of course, if MOODENG stumbles and faceplants at $0.355, there’s a decent chance the price nosedives to $0.180, or wherever sea level is for meme coins. In that case, expect the bullish mood to be replaced by the time-honored tradition of blaming Gary from Reddit for “not diamond-handing.”
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2025-05-14 18:57