Moo Deng, Popcat, and Neiro soar as meme coin market cap hits $55 billion

The meme coin market cap has surged to nearly $55 billion, driven by the explosive growth of tokens like Moo Deng, Popcat, Neiro, and Mog Coin. As traders flock to these meme coins, they have emerged as clear winners amid Bitcoin’s recent stability.

Despite these gains, the crypto market remains on edge, with many traders adjusting their positions. According to CoinGlass, over $200 million in liquidations occurred over the past 24 hours, with 60% of those being short positions. Yet, Bitcoin’s ability to find support at critical levels has provided a foundation for meme coins to explode in value.

While Bitcoin has traded relatively sideways, moving cautiously upwards, meme coins have been dominating the market. Coins like Popcat, Moodeng, Neiro, and Mog Coin have surged.

Popcat, a Solana-based token, has seen a 40% rise in a week, fueled by technical buying and a breakout from an ascending triangle pattern. Its market cap now stands at $1.4 billion, with traders eyeing the potential for further gains.

Moo Deng, inspired by the Thai zoo hippo, saw a 480% increase in 24 hours following a social media mention from Ethereum co-founder Vitalik Buterin. Buterin sold 10 billion MOODENG tokens for 308.69 ETH (worth $762,000), donating the proceeds to charity.

His comment on meme coins being “maximally positive-sum for the world” has only increased the hype surrounding these tokens. Additionally, Neiro and Mog Coin have gained significant traction, with Mog surging by 18% and Neiro by 50% in the last 24 hours.

Crypto trader Daan Crypto Trades highlighted the shift in sentiment around meme coins, stating,

“In 2017, mentioning any meme coin besides $DOGE was frowned upon. Now, most people prefer memes over ‘normal’ coins.”

Bitcoin’s recent stability, aided by expectations of potential Federal Reserve rate cuts, has provided meme coins the opportunity to surge. Traders are increasingly seeking high-risk, high-reward opportunities in speculative assets. While US Treasury yields climbed above 4% and global crypto investment products saw a net outflow of $147 million last week, meme coins are thriving.

This article first appeared at Crypto Briefing