Moo Deng [MOODENG] Nosedives 60% After Buterin Sold the Memecoin

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

Memecoins remained the talk of the town in Q4 2024, spearheading the recent market recovery. However, among the top weekly gainers in late September, Moo Deng [MOODENG] has taken a hit, plunging 60% over the last eight trading days.

At its peak, Moo Deng had surged by 400%, pushing its market cap up to $338 million. But October marked a rough start for the Solana-based memecoin.

Now, with its market cap down to $110 million, the market sentiment has swiftly shifted to the negative.

Did Buterin’s sell-off impact the Moo Deng coin?

According to market commentators, the recent sell-off by Ethereum [ETH] founder Vitalik Buterin may have played a role in the MOODENG plunge. On 5 October, Buterin sold over $340K worth of memecoins, including MOODENG.

The founder went on to sell an additional 11.76B MOODENG on 7 October, valued at $51K, which could further dent its market sentiment. However, he still held over $8 million worth of MOODENG.

Some observers likened the situation to Buterin’s sell-off of NEIRO in early August, which was later revealed to be for charity purposes. The sell-off caused NEIRO to tank initially, but it later pumped harder.

It remained to be seen whether MOODENG would follow the same trend as NEIRO, but the sentiment at press time was concerningly negative. This indicated that the majority of speculators were still bearish on the memecoin.

The above is the detailed content of Moo Deng [MOODENG] Nosedives 60% After Buterin Sold the Memecoin. For more information, please follow other related articles on the PHP Chinese website!