Moo Deng dumps harder as Buterin offload part of his holdings.
- MOODENG crashed +60% in a week of trading. Vitalik Buterin dumped it alongside other memecoins.
Memecoins maintained their dominance in Q4 2024 and led the recent market rebound. However, Moo Deng [MOODENG], one of the top weekly performers at the end of September, has plunged +60% in the past eight trading days.
Moo Deng jumped 400% at its peak, and its market cap surged to $338 million. However, October was a rough start for the Solana-based memecoin.
Its market cap was now down to $110 million, and market sentiment quickly shifted to negative.
Did Buterin’s sell-off affect Moo Deng coin?
Market commentators have cited Ethereum’s [ETH] founder Vitalik Buterin’s recent sell-off as a potential catalyst for the Moo Deng plunge. On the 5th of October, Buterin sold over $340K of memecoins, including Moo Deng.
The founder sold an extra 11.76B MOODENG on the 7th of October, worth $51K, and could further dent its market sentiment. However, he still held over $8 million worth of MOODENG.
Some observers claimed that MOODENG could follow NEIRO’s path. In early August, Buterin also sold NEIRO, reportedly for charity purposes. The sell-off plunged NEIRO hard, but it pumped harder afterward.
Whether MOODENG will follow the NEIRO trend remains to be seen. However, the sentiment was worryingly negative at press time. It meant that most speculators were still bearish on the memecoin.
Source: Santiment
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, hopeful that it may see a rebound.
The speculator claimed that the extreme market fear around the memecoin could present great entry opportunities, especially as Moo Deng coin approached key Fib retracement levels.
Source: MOODENG/SOL, TradingView
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Next: NEIRO coin is up 49% in 24 hours – What’s next for the memecoin?
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