Moo Deng's popularity underscores the growing trend of meme coins in a stable Bitcoin market.
Author: The New York Times
Key Takeaways
- Moo Deng is the most popular meme coin among non-expert crypto participants.
- Bitcoin's stability has helped foster a thriving market for meme coins.
Rasmr, a well-known crypto Twitter KOL, recently conducted a survey asking normies—people not deeply involved in crypto or meme coins—which meme coin was their favorite.
Since meme coins often gain popularity due to their viral nature, the survey aimed to predict which coins could capture mass appeal.
Rasmr tweeted that MOODENG was the number one meme coin voted by normies, with BILLY in second place, GIGA in third, SIGMA in fourth, and MICHI in fifth.
Other notable mentions from the list of 20 included Popcat, FWOG, GOAT, LOCKIN, Pepe, Trump, and Wif.
The proliferation of meme coins has surged as Bitcoin has remained strong despite political tensions in the Middle East and decisions by the Federal Reserve.
For the past eight months, Bitcoin has traded within a tight range between $50k and $69k, signaling a stable market.
Bitcoin’s resilience has created an environment where other coins, particularly meme coins, have thrived. Many of these meme coins have seen outstanding gains, with some experiencing 1000x growth in just a few days.
As retail investors seek higher upside opportunities, meme coins have become increasingly attractive.
Platforms like Pump.fun and the newly released Ape Promake it easier for anyone to create and deploy meme coins on Solana, which is recognized for its low fees and strong association with meme coin projects.
Solana’s reputation as the meme coin blockchain has drawn a flood of retail participants, helping some of these coins reach significant market caps and even enter the top 100 by market cap.
