On May 9, 2025, the price of Moo Deng (MOODENG) surged by an astonishing 136% in just 24 hours, reaching $0.104. By 17:21 WIB on the same day, it had climbed even further, showing a total increase of 156.68% to $0.1230, equivalent to Rp2,025. This remarkable spike in value coincided with a nearly 440% jump in open interest futures for Moo Deng, which reached $125 million, marking the highest level since January 2025. In contrast, open interest was only $13.4 million at the beginning of April 2025, according to data from CoinGlass.
The funding rate for Moo Deng has also turned positive, signaling that more traders are opting to hold long positions. This indicates a growing optimism in the market regarding Moo Deng, as investors are willing to pay fees to maintain their buying positions. On-chain data further reveals a net outflow of $3.5 million from exchanges over the past week, suggesting that investors prefer to move their tokens into private wallets, thereby reducing selling pressure from exchanges.
Speculation is also rife that Moo Deng may soon be listed on the Binance spot market, although no official confirmation has been made yet. Currently, Moo Deng is traded and listed on several major exchanges such as Coinbase, OKX, Gate.io, and INDODAX, which bolsters these expectations.
The surge in Moo Deng's price is closely linked to the recent revival of the memecoin market, fueled by Bitcoin's recent rally, which saw the cryptocurrency breaking through the $100,000 threshold. This resurgence has positively impacted other memecoins, including Pepe, Pudgy Penguins, and Popcat, all of which have experienced significant price increases in the past 24 hours.
From a technical perspective, Moo Deng has broken through the upper limit of a bull flag pattern, typically signaling a potential continuation of the upward trend. Other technical indicators, such as the MACD and RSI, also show positive momentum for the coin. However, the RSI has entered the overbought territory, which may indicate a short-term correction is possible.
If the current trend persists, Moo Deng could potentially reach the next resistance level at $0.20. Should it break through this level, the coin could aim for this year's high of $0.31, which was recorded in January 2025.
Moo Deng's recent performance has been nothing short of extraordinary, driven by high open interest, a positive funding rate, and speculation about a listing on Binance. Although there is a potential for a short-term correction, the market sentiment remains strongly bullish, presenting opportunities for Moo Deng to continue its upward trajectory.
As of May 9, 2025, the overall market capitalization of the crypto memecoin sector stands at approximately $62.37 trillion, reflecting an increase of 11.62%, according to CoinMarketCap. Bitcoin's price has also surged back to $120,000, further invigorating the market.
In addition to Moo Deng, other notable memecoins are also experiencing significant gains. For instance, Peanut the Squirrel's price rose by 57.36% in the last 24 hours, with its market capitalization reaching $254.4 million and a trading volume of $455.62 million, marking a 447% increase in the same timeframe. Peanut the Squirrel hit a low of Rp2,725 and a high of Rp4,307.
Neiro (First Neiro on Ethereum) (NEIRO) also saw a notable increase of 52.70% in 24 hours, with its market cap climbing to around $138.45 million and trading volume reaching $172.75 million, a 417% rise. NEIRO's price fluctuated between Rp3,5859 and Rp5,5661.
Goatseus Maximus (GOAT) recorded a price increase of 33.31%, with a market cap of approximately $103.56 million and trading volume of $57.07 million, reflecting a 175% rise. GOAT's price ranged from Rp1,269 to Rp1,698.
Lastly, Just a Chillguy (CHILLGUY) rose by 29.92%, with its market cap at around $65.25 million and a trading volume of $30.97 million, up 75% in the last 24 hours. CHILLGUY's price fluctuated between Rp822.5 and Rp1,083.
These developments highlight the volatile nature of the cryptocurrency market, where rapid fluctuations can occur in a matter of hours. Investors are advised to conduct thorough research and exercise caution, as the performance of assets can vary significantly.
In summary, Moo Deng and other memecoins have demonstrated remarkable resilience and growth in a short period, driven by positive market sentiment and speculative interest. As the cryptocurrency landscape continues to evolve, staying informed will be crucial for investors looking to navigate this dynamic environment.