Moo Deng meme coin surges 136%, fueled by strong open interest, speculations on Binance listing, and Bitcoin's rally - IcoHolder.
Moo Deng, the pygmy hippo-themed meme coin, surged by an impressive 136% on Friday, reaching an intraday high of $0.104—its highest level since February 1. The token has now gained more than 300% from its yearly low, sparking widespread interest among traders and investors alike.
The ongoing rally is accompanied by a notable 440% increase in futures open interest, which has surged to $125 million, the highest level since January 7, according to CoinGlass data. This marks a significant shift from just a month ago, when open interest was only $13.4 million. Rising open interest is often seen as a sign of growing speculative activity and heightened trader interest in the asset.
Adding to the bullish sentiment, Moo Deng’s funding rate has flipped positive, indicating that more traders are leaning long, with those taking long positions paying a small fee to those holding short positions. This shift points to an increasing sense of optimism in the market, further fueling the coin's rise.
On-chain data also highlights a trend of investors holding onto their tokens, with seven consecutive days of net outflows from exchanges totaling around $3.5 million. This suggests that traders are moving their tokens to private wallets, reducing immediate selling pressure and signaling confidence in the coin’s future.
Speculation about Moo Deng’s potential listing on Binance’s spot market has also contributed to the excitement. While there is no official confirmation, the token is already trading on Binance Futures and has listings on major exchanges like Coinbase, OKX, Bitget, and Gate.io, further raising expectations for future growth.
Moo Deng's rally aligns with a broader memecoin boom, fueled in part by Bitcoin’s surge past $100,000. The momentum in Bitcoin has reignited risk appetite across the market, lifting the total memecoin market cap by 15% in just 24 hours. Other prominent memecoins like Pepe, Pudgy Penguins, Popcat, and Mog Coin have also experienced strong gains ranging from 20% to 50%.
Technically, Moo Deng has broken above the upper boundary of a bull flag pattern on the 4-hour chart, signaling the potential continuation of its uptrend. The 50-day moving average remains above the 200-day moving average, maintaining a golden cross pattern and indicating a bullish long-term trend. Momentum indicators, including the MACD and RSI, also suggest strong upward movement, though the RSI has reached overbought territory, hinting that the rally may be overheated in the short term.
With a target of $0.20 in sight, Moo Deng could continue its climb, potentially reaching new highs if it breaks through this psychological resistance level. Analysts believe that if Bitcoin's dominance continues to rise, it could lead to more capital flowing into altcoins like Moo Deng, further fueling the memecoin's upward trajectory.
