The hippo-inspired memecoin Moo Deng (MOODENG) has certainly made the best out of this most recent market rally. Over the last 24 hours alone, the $MOODENG token saw a surge of 108.25% in value, pushing its price to $0.1397 — making this its highest price level since January 23.
This rally—which comes amidst a boom in retail adoption—is already raising speculation regarding the potential for the most recent gains to transform into an altcoin and memecoin season.
Moreover, MooDeng’s market capitalization has more-than doubled in a single day, starting off with a $68 million market cap, and now sitting at $144 million according to CoinMarketCap. Despite the sharp rise, the token remains 80% below its all-time high (ATH) of $0.709, showing that while it’s making significant gains, there’s still a long way to go before reclaiming previous highs.
Liquidations have been brutal for short-sellers, and surprisingly, MooDeng played an important part in liquidating short positions. Over $17 million in MooDeng short calls were wiped out, making it the fourth most liquidated asset of the day behind Ethereum, Solana, and Bitcoin. This marks one of the largest memecoin short squeezes this year, forcing traders to rapidly reassess their positions.
Moo Deng’s price movement reflects broader market optimism, as Bitcoin reclaimed $100,000 and Ethereum posted a 28% daily gain.
Following Donald Trump’s announcement that the U.S. had reached a new trade agreement with the United Kingdom, and news that Treasury Secretary Scott Bessent will be meeting with Chinese officials to negotiate trade, financial markets all across the world took the opportunity to enjoy some relief from negative pressure.
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