Down 18%, why is Moo Deng crypto crashing again?

Instead of making waves, Moo Deng crypto continues to make a splash as its price plummets nearly 18% in the past 24 hours. Much like other crashing altcoins, this hippo token is no exception.

According to data from crypto.news, MOODENG (MOODENG) has gone down 15.78% in the past 24 hours. At the moment, its sits on the lowest point of the day, valued at $0.18. In the past few days, the token inspired by the viral pygmy hippo from Thailand has not been doing so well.

In the past week the token plummeted by 13.53%, despite seeing gains at the beginning of the month. In fact, the token seemed to show signs of a rally just a day prior when it spiked at $0.24 on July 23 at 09:00 UTC. However, it has since failed to recover from the drop.

At the moment, the token is still 71% below its all-time high price, which sits at $0.68. Despite this, it still floats relatively high above its lowest price at $0.015.

The price dip has led to a plummet in market cap for Moo Deng crypto. As of July 24, MOODENG’s market cap has slipped 16% to $191,449.

Moo Deng’s trading volume has also experienced a slide as the token continues to see less market activity. Compared to the previous trading day, Moo Deng’s daily trading volume has gone down by 9.4%.

Will Moo Deng crypto ever bounce back?

After a meteoric surge 645% in early May, fueled by its listing on Binance Alpha, MOODENG saw its price shot up from $0.04 to $0.32, drawing large numbers of short‑term traders. However, it appears these traders are now locking in profits, leading to sharp corrections as high exit pressure kicks in.

Since May, the token has failed to reclaim its previous highs as it continues to plummet lower down the charts. Much like other meme coins, MOODENG is largely driven by market sentiment and hype on the market. Two things that are now absent for the most part as the virality of the token has lost steam.

At the point, it’s difficult to tell whether the token will be able to return to its key resistance level of around $0.25 to $0.27. If a market event like a new listing emerges, it may stand a chance at reclaiming its previous Binance-fueled high.

The viral hippo that inspired Moo Deng crypto

Moo Deng is a pygmy hippo that lives at Thailand’s Khao Kheow Open Zoo who first captured hearts at just two months old, thanks to her rosy cheeks, perpetually damp skin, and playful antics that went viral online. Her cuteness turned her into a meme machine, generating millions of views across TikTok and other platforms.

Thanks to Moo Deng’s popularity, the zoo saw its daily visitor count double from just 3,000 to over 6,000. This prompted director Narongwit Chodchoy to predict Moo Deng could bring in more than $6.13 million by the end of 2024.

Earlier this month, on July 10, Moo Deng just celebrated her very first birthday. The celebration included a four-day festival, complete with a massive 20 kg fruit-and-vegetable cake and thousands of visitors coming in.