The meme coin Moodeng (MOODENG) experienced a dramatic 126% price surge within an hour of Coinbase’s announcement on Monday that it would list the token on December 4. This surge pushed MOODENG’s price to $0.68, a 126% gain over the previous 24 hours.
The price nearly reached its November peak of $0.69, and the token is within striking distance of a new all-time high. Trading volume also skyrocketed by 400%, reaching $751 million, indicating increased investor interest.
Coinbase Effect Drives Moodeng Price
Coinbase’s roadmap inclusion, often a precursor to official trading, triggered the price jump. The “Coinbase effect” historically boosts listed tokens.
Even though Moodeng trading is not yet active on Coinbase, the listing announcement alone greatly impacted its market performance.
After a two-week decline that saw its price drop from $0.67 to $0.30, Moodeng’s market capitalization is approaching $500 million. Following Monday’s surge, it currently trades at $0.49, with a 151% increase in daily trading volume to $330 million.
The listing also positively affected other meme coins, such as GOAT, which jumped 9%, and PNUT, which rose by 6% in the 10 minutes following the Coinbase news.
Liquidity Concerns Remain Despite Coinbase Listing
Despite the positive momentum, MOODENG’s market depth remains relatively low, indicating potential volatility. On OKX, which hosts the most liquid trading pair for MOODENG, only $81,000 in resting orders exist, which is 2% above the current price.
Market depth, a measure of liquidity, aggregates all orders within specific parameters. This thin market suggests the potential for big price swings.
Meanwhile, Coinbase indirectly fueled speculation around another meme coin, Peanut the Squirrel (PNUT), by featuring it in an Apple Pay tutorial video.
The 15-second video’s prominent display of PNUT, alongside a rising price chart, led some crypto enthusiasts to believe a Coinbase listing might be imminent. Coinmarketcap data shows PNUT climbed nearly 12% over the past 24 hours, over 11% in the past week, and an impressive 981.41% in the last month. Its current market capitalization and fully diluted valuation stand at $1.2 billion.
The connection between the Coinbase tutorial and PNUT remains speculative, but the timing aligns with the token’s recent surge.
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