The internet’s affection for adorable animals has a new mascot: Moo Deng, the baby dwarf hippo who charmed audiences with her playful antics, from knee-biting to lettuce munching.
But her internet celebrity status has not been confined to social media alone. In a bizarre twist that underscores the fleeting nature of viral fame, Moo Deng’s image has been appropriated for a memecoin—one that has seen explosive price gains, though its value is already starting to plummet.
Launched on September 10, the Moo Deng crypto experienced a meteoric rise, with its price surging more than 1,400% in just a few days. The frenzy was driven by a combination of pop culture enthusiasts and crypto speculators hoping to capitalize on the animal’s viral moment.
However, like most memecoins, Moo Deng’s success is proving to be short-lived. By Monday morning, the coin’s value had already dropped 8%, leaving it more than 37% off its high.
Memecoins, including Moo Deng, are notoriously volatile, with prices often skyrocketing based on social media hype before crashing back down just as quickly. Moo Deng’s rapid rise and fall reflect the speculative nature of these tokens, which typically have no intrinsic value or backing by real-world assets.
One investor, for instance, purchased $800 worth of Moo Deng tokens just hours after the coin’s launch. By Friday, that investment had ballooned to a staggering $7.5 million on paper. However, as soon as large holders like this begin to cash out, the value of the token is expected to plummet, potentially wiping out gains for other investors.
While Moo Deng the memecoin may have captured the attention of crypto traders, it’s Moo Deng the hippo who has truly taken the internet by storm.
Her popularity extends far beyond the blockchain. From viral social media videos to celebrity impersonations, including a portrayal by Bowen Yang on Saturday Night Live, Moo Deng’s fame has become a pop culture phenomenon. The baby hippo has even entered the world of fashion and beauty, with makeup brands using her image to promote products that mimic her adorable, water-soaked look.
However, much like her crypto counterpart, Moo Deng’s moment in the spotlight may be fleeting. As internet fame continues to shift and new memes emerge, her relevance could quickly fade. But for now, she remains both an online sensation and the unlikely face of a volatile cryptocurrency market.
