Moo Deng (MOODENG), the meme coin inspired by a pygmy hippo, has captured market attention with an explosive rally—surging over 136% in the past 24 hours and pushing past critical resistance levels. The move makes MOODENG one of the top-performing altcoins in the market this week.
Meme Coin Madness: MOODENG Hits $0.104
MOODENG soared to an intraday high of $0.104 on May 9 (Asian trading hours), marking its highest price since February 1. The token has now gained more than 300% from its yearly low, reflecting both technical momentum and growing trader interest.
The rally coincides with a 440% jump in futures open interest, reaching $125 million, according to CoinGlass—its highest level since early January. Just a month ago, MOODENG’s open interest stood at a modest $13.4 million. The surge in open interest signals a sharp uptick in speculative activity, typically viewed as a sign of increased market engagement.
Adding further to the bullish sentiment, funding rates have flipped positive, suggesting long-position holders are now paying shorts—a classic indicator of a market leaning bullish.
Exchange Outflows Signal Strong Holding Behavior
On-chain data shows that MOODENG is experiencing sustained exchange outflows, totaling $3.5 million over the past seven days. This implies that investors are moving tokens into private wallets, reducing immediate selling pressure and reinforcing confidence in the asset’s upward trajectory.
The growing market enthusiasm is also fueled by speculation of a Binance spot listing. While no official announcement has been made, MOODENG is already trading on Binance Futures and is listed on Coinbase, OKX, Bitget, and Gate.io. Community sentiment suggests a spot listing could be imminent.
A Broader Meme Coin Boom
MOODENG’s breakout is part of a broader memecoin resurgence, spurred by Bitcoin’s rally past $100,000. The crypto market’s benchmark asset is currently trading around $103,075, just shy of its all-time high, and driving speculative interest back into high-volatility sectors like meme coins.
Other notable gainers in the memecoin space include:
- Pepe (PEPE): +37%
- Pudgy Penguins (PENGU): +3.6%
- Popcat (POPCAT): +6.4%
- Mog Coin (MOG): +9.1%
The overall memecoin market cap has climbed 15% in the last 24 hours.
MOODENG Technical Analysis: $0.20 and Beyond?
On the 4-hour MOODENG/USDT chart, the token has broken out of a bull flag pattern, typically viewed as a continuation signal. The 50-day EMA remains above the 200-day EMA, maintaining the long-term golden cross pattern and supporting a bullish outlook.
- MACD has flipped upward, indicating strengthening momentum.
- RSI is sitting at 94.7, deep into overbought territory—a possible warning of short-term pullbacks, though meme coins are known to sustain such conditions during parabolic moves.
If the momentum continues, the next resistance sits around $0.20, a key psychological level. A breakout beyond that could lead to a retest of $0.31, last seen on January 4.
What’s Next?
With Bitcoin dominance at 64.14%, analysts at crypto.news suggest that if BTC continues to consolidate, capital could rotate into altcoins and memecoins. If dominance approaches 72.92%, as seen in past cycles, MOODENG and similar tokens may benefit from fresh inflows.
While volatility remains high, MOODENG’s rally is being backed by technical breakouts, on-chain fundamentals, and broader market optimism. Whether it can sustain this momentum will likely depend on Bitcoin’s next move and the ever-watchful eye of Binance.
