Moodeng Coin Surges 126% Following Coinbase Listing Announcement – Can the Rally Last?

Moodeng (MOODENG), the meme coin that has taken the crypto world by storm, saw a massive 126% price jump after Coinbase revealed it would be listing the token on December 4, 2024. The announcement sent the price soaring to $0.68, just shy of its previous all-time high of $0.69. But can this incredible rally maintain momentum, or is it just a flash in the pan?

The Coinbase Effect Sparks a Frenzied Surge

The news of Coinbase’s upcoming listing on December 4 triggered what many are calling the “Coinbase effect,” where tokens often see substantial price increases following announcements of their inclusion on the exchange. For Moodeng, the announcement led to an immediate spike in price and trading volume.

• Price Surge: MOODENG’s price surged 126%, reaching $0.68 from a previous low of $0.30.
• Trading Volume: The trading volume jumped by 400%, reaching a staggering $751 million, as investors rushed to get in on the action.
• Market Capitalization: The token’s market cap is now approaching $500 million after the spike.

Despite the impressive jump, the trading activity remains speculative for now, as the coin has yet to be actively traded on Coinbase. Nevertheless, the mere listing announcement has sent shockwaves through the market, signaling strong investor interest.

The Ripple Effect: Meme Coins See Broader Gains

Moodeng isn’t the only meme coin benefiting from the Coinbase listing news. Other tokens in the meme coin space, including GOAT and PNUT, have also seen their prices rise significantly. In the minutes following the announcement, GOAT surged by 9%, while PNUT climbed 6%.

• PNUT’s Speculative Surge: The price action in PNUT might also be linked to its recent feature in a Coinbase Apple Pay tutorial video, which some speculators believe signals an imminent listing. This coincided with PNUT’s own surge, which has seen an astronomical 981% increase in the last month alone.

Even with these gains, some caution is necessary. The cryptocurrency space is notoriously volatile, especially for meme coins that can see wild price fluctuations on news-driven momentum.

Concerns Over Liquidity and Market Depth

While the price gains are impressive, Moodeng’s liquidity concerns could pose a risk for the long-term stability of the rally. The market depth for MOODENG remains relatively low, which could make the token vulnerable to sudden price swings. On OKX, where the most liquid trading pair for the token exists, there is only $81,000 in resting orders—only 2% above the current price. This indicates a thin market, where larger trades could cause significant price fluctuations.

The low liquidity could be a concern for investors looking for stability, as it increases the risk of sudden corrections or pullbacks.

Will the Rally Hold?

The big question now is whether Moodeng’s rally will sustain itself. Historically, the “Coinbase effect” does not always lead to long-term price increases, and many tokens experience a sell-off after the initial surge. While the 126% increase in a short period is impressive, the market’s thin liquidity and speculative nature mean that MOODENG’s price could either stabilize or face a sharp correction.

• Investor Caution: Those looking to profit from the listing may want to carefully monitor price movements, as the hype-driven surge could be followed by a significant pullback.
• Looking Ahead: The real test for Moodeng will be when the token actually starts trading on Coinbase. The real-world trading volumes and investor sentiment will determine if the current rally is just a blip or the start of something bigger.

Ultimately, while the listing has certainly given Moodeng a shot in the arm, only time will tell whether this meme coin can hold onto its gains or if it will follow the fate of other tokens that fizzled out after an initial boom.