In the past 24 hours, the meme coin market capitalization dropped by 3%, settling at $55 billion. Most meme coins saw price declines during this period, with Neiro on ETH (NEIRO) experiencing the largest loss at 16.4%, falling to $0.072. Bellscoin (BEL) followed with a 15.4% drop to $0.9031, and Basenji (BENJI) decreased by 12.9% to $0.02441.
Three additional coins saw double-digit losses, while most others fell by less than 8%. Despite the overall downtrend, there were some winners. Smoking Chicken Fish (SCF) rose 30.7%, reaching $0.09412, and Baby BNB (BABYBNB) surged 30%.
Among the top 10 coins, only four showed positive gains. Dogwifhat (WIF) led with a 6% rise to $2.44, followed by BONK and MEMECOIN, which increased by 4% and 3%, respectively. PEPE saw only a slight rise of 0.5%, while Baby Doge Coin (BABYDOGE) had the largest loss at 6%, and TURBO followed closely, down 4.7%.
MOODENG Surges 400% as Whales Pour In Millions
The recently launched Moo Deng (MOODENG) coin, based on Solana, has surged in popularity and price since its debut on September 11, inspired by a baby pygmy hippo from Thailand named Moo Deng. Over the last 24 hours, MOODENG increased by 5.8%, trading at $0.2355. However, over the past week, it skyrocketed by 406%, hitting an all-time high of $0.3387 on September 28, though it has since dropped by 28%.
MOODENG’s weekly surge has outperformed the overall crypto market, with most trading occurring on XT.COM. Its most active trading pair is MOODENG/USDT, recording a 24-hour trading volume of $4.2 million. The coin has a circulating supply of 990 million and a market capitalization of $233.56 million, placing it 262nd in the crypto rankings.
One trader notably turned a $1,300 investment into $3.4 million, drawing global attention. However, questions about the legitimacy and liquidity of the gain have surfaced. Despite these concerns, whales have continued to pour millions into the project.
Gotbit Hedge Fund and SunPump Partner to Strengthen Meme Coin Space
In other news, Gotbit Hedge Fund and SunPump, a TRON-based meme coin launchpad, have partnered to boost the meme coin ecosystem. The partnership aims to drive growth and innovation by combining Gotbit’s market-making expertise with SunPump’s focus on meme coin development.
Gotbit’s CEO, Alex Andryunin, highlighted the growing importance of the meme coin sector, noting its distinct evolution from the broader crypto market. He emphasized that multiple chains are becoming meme token hotspots, attracting new waves of retail investors.
Arthur Hayes Goes Meme: PEPE, MOG, and PONKE
Billionaire and former BitMEX CEO Arthur Hayes recently revealed his growing interest in meme coins. Hayes asked his followers for meme coin suggestions and announced investments in MOTHER, MOG, and PEPE.
Hayes notably bought 24.39 billion PEPE tokens, investing $252,680 on Binance. He also announced purchasing PONKE, and both coins saw initial price increases following the news. While PEPE dropped by 1% in 24 hours, it surged by 36.5% over the week. MOG followed a similar trend, down 1% in 24 hours but up 30% in a week. PONKE rose 8% in 24 hours and 14% over the week.
Other celebrity-driven meme coins, like Iggy Azalea’s MOTHER, rose by 0.5% and 59% in daily and weekly performance, respectively. Although these gains are not solely attributed to Hayes, his involvement may have played a role in the positive momentum.
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