Memecoin Moo Deng [MOODENG] Plunged 60% in Eight Trading Days

Memecoins maintained their dominance in Q4 2024 and led the recent market rebound. However, Moo Deng [MOODENG], one of the top weekly performers

Memecoins continued to lead the market recovery in Q4 2024, but one of the top weekly performers in late September, Moo Deng [MOODENG], plunged 60% over the past eight trading days.

After surging to a peak of 400% and reaching a market cap of $338 million, the Solana-based memecoin had a rough start to October. Its market cap was now down to $110 million, and the market sentiment quickly shifted to negative.

Buterin’s sell-off affected Moo Deng coin?

Market commentators pointed to Ethereum [ETH] founder Vitalik Buterin’s recent sell-off as a possible catalyst behind the Moo Deng plunge. On 5 October, Buterin sold over $340K in memecoins, including Moo Deng.

The founder sold an additional 11.76B MOODENG on 7 October, valued at $51K, which could further impact its market sentiment. However, Buterin still held over $8 million in MOODENG.

Some observers noted that MOODENG could follow a similar trend to NEIRO. In early August, Buterin also sold NEIRO, reportedly for charity purposes. The sell-off caused NEIRO to plunge drastically, but it pumped harder afterward.

It remained to be seen if MOODENG would follow the NEIRO trend, however, the sentiment was worryingly negative at press time. This indicated that the majority of speculators were still bearish on the memecoin.

At the time of writing, MOODENG was valued at $0.11, down nearly 20% in 24 hours. Interestingly, some traders were still bullish on the memecoin, hoping that it may see a rebound.

The speculator noted that the extreme market fear around the memecoin could present optimal entry opportunities, especially as Moo Deng coin approached crucial Fib retracement levels.

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