The Moo Deng token, inspired by a viral baby pygmy hippo from Thailand's Khao Kheow Open Zoo, is declining after an explosive surge.
Launched on the Solana-based memecoin deployer Pump.fun, the token quickly surpassed other memecoins in popularity, reaching a market cap of nearly $323 million on September 28. However, the excitement didn't last long—in the last 24 hours, the token's value dropped by 18.5%, wiping out about $100 million from its market cap.
Despite this decline, some large investors are still holding onto the hope of a recovery.
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One investor, known by the wallet address "Db3P," invested just $800 when Moo Deng launched on September 10. In a mere two weeks, that investment turned into $10 million. Even though the token's price has tumbled, the wallet still holds $1.2 million worth of Moo Deng.
For large investors like "Db3P," selling off their holdings is a challenge. Doing so risks further crashing the price, forcing these "whales" to either hold their position or sell off small amounts gradually to avoid tanking the token's value further.
While Moo Deng's rise was impressive, the token has no practical use, with much of its success driven purely by the viral popularity of the hippo. As the price continues to fall, it remains to be seen if big holders like "Db3P" will continue waiting for a potential rebound.
In other news, rapper-turned-memecoiner Iggy Azalea recently spoke at the Token2049 event in Singapore, where she stressed the importance of integrating valuable perks into tokens to appeal to both newcomers and seasoned crypto users.
