MooDeng up 20% as Bybit Launches MooDengUSDT Perpetual Contract on its Platform
MOONDENG becomes latest viral memecoin sensation, outperforms Doge and Shiba
Bybit announced on their X page that they have just launched the MOODENGUSDT Perpetual Contract, offering traders a new opportunity to trade MooDeng (MOODENG) against Tether (USDT) with up to 12.5x leverage.
Additionally, the exchange integrated the MOODENGUSDT contract into its automated trading tools, including the Futures Grid, Futures Martingale, and Futures Combo strategies. This gives traders various options to automate their strategy and capitalize on price changes.
What is Moodeng?
The MOODENG memecoin is riding the Moo Deng wave, a baby pygmy hippopotamus who has gone viral all over the Internet thanks to her playful nature and endearing behavior. MooDeng is a female pygmy hippo born in July at the Khao Kheow Open Zoo in Chon Buri, Thailand.
She became an internet sensation after her zookeeper shared videos of her frolicking at a zoo in Chon Buri, Thailand, on platforms like TikTok and Instagram. Her name, “MooDeng,” translates to “bouncy pork” in Thai, a nod to a popular snack shaped like a meatball. They chose the name through an online Facebook poll in August, which the zoo’s page shared with about 20,000 participants.
Shortly after going viral, The MOODENG memecoin launched on September 10 in a bid to ride on the hippo’s virality. The memecoin rapidly ascended to become the 22nd largest memecoin by market capitalization, with a current valuation of $315 million. The coin has also seen a 1400% increase in price since its launch.
But as with any other memecoin that is not based on any real asset, the value of Moo Deng could collapse at any time. The token price is already on the decline, down by 8% in early trading Monday and more than 30% off its peak.
Smart Trade by an Anonymous Trader
An anonymous trader turned a modest $1,331 into an astonishing $3.4 million in just 15 days, thanks to the meteoric rise of the $MOODENG memecoin, which has captivated the crypto community with its impressive growth.
On September 10th, the trader, whose identity remains unknown, invested 9.8 $SOL (equivalent to $1,331) to acquire 38.7 million $MOODENG tokens during the token’s initial launch.
