Moo Deng Price Nearly Doubles in a Day as Meme Coins Outpace Bitcoin Gains

Bitcoin isn't the only asset soaring today—the meme coin market is also having its moment, continuing a surge that began on Thursday.

Established coins and tokens like Dogecoin, Floki, and Pepe have all surged in price, but newer investments for the degens are seeing even bigger spikes.

Solana-based token Moo Deng (MOODENG) is up over 90% in 24 hours, nearly doubling in price over the last day and trading for nearly $0.27, CoinGecko shows. Moo Deng, which is inspired by a viral baby pygmy hippopotamus from Thailand, continues to push to new all-time high prices.

Even more shocking: if you'd had invested one week ago, you'd now be up by more than 1,300%. MOODENG was launched on meme coin factory Pump.fun this month and now has a market cap of $265 million.

Meanwhile, BILLION•DOLLAR•CAT, a Runes token running on the Bitcoin network, is up nearly 240% over the last week, with a further 32% bump today.

The rise of that Runes token comes as the price of Bitcoin itself continues to climb. Investors have thrown cash back into Bitcoin exchange-traded funds (ETFs) following last week's decision from the Federal Reserve to cut interest rates.

The biggest digital asset is now trading for over $66,200 per coin, marking a seven-day rise of more than 5%.

Of the major coins and tokens, Dogecoin is one of the best performers over the week, having jumped by 20%. Its price now stands at $0.126.

But compared to rival Shiba Inu, the 13th biggest cryptocurrency overall that runs on the Ethereum network, its gains are small: SHIB has rocketed upwards by nearly 50% over the week. Its price now stands at nearly $0.000021.

Pepe, which also runs on Ethereum, has soared by over 30% this week—an impressive gain, though overshadowed by some of the other big climbers this week.

Meme coins or tokens are highly volatile cryptocurrencies based on Internet jokes and trends. Such assets are born into existence quickly, but can disappear and lose value in a flash. Very few meme coins—like DOGE and SHIB—maintain value and relevance and continue to be in demand for years.

Edited by Andrew Hayward