Moo Deng Meme Coin Soars and Plummets, Sparking Insider Trading Concerns

Inspired by a viral pygmy hippo, the Moodeng cryptocurrency saw meteoric gains before a sharp decline, raising questions about market volatility and liquidity.

Moodeng coin, based on a viral baby hippo from Thailand, surged over 1,400% since its launch on September 10, 2024.
Early investors saw massive returns, with one user turning an $800 investment into $10 million before the coin's value began to drop.
The coin's market cap peaked at $322.7 million but has since fallen 50%, highlighting issues with liquidity and market stability.
Major holders are hesitant to sell large amounts due to fears of triggering further price crashes, exacerbating volatility.
The rapid rise and fall of Moodeng have led to concerns about insider trading and the speculative nature of meme coins.