A trader made millions, having invested 9.8 Solana (SOL), equivalent to $1,331, to acquire 38,700,000 MOODENG tokens on 10th September.
Today, that initial investment has ballooned to more than $3.4 million. This makes for a staggering 2,554 times your money within only fifteen days.
MOODENG has increased by 29.9% in the last 24 hours and is up by 161% over the week. It is priced at 0.0122291 USD as of writing. The coin recently demonstrated positive movement of the price even within the reckless fluctuations of the market.
The market capitalization of MOODENG is 9,639.86 USD and belongs to the 5436 ranks in the list of cryptocurrencies. The trading volume within the last 24 hours amounts to $2,473.46, or 53.67% lower than before.
The volume-to-market capitalization status is 25.66%, which suggests a moderate trading interest compared to the available market.
Although the token’s volumes have become less active, the general trend in the price continues to be upward, with the seller claiming to have in circulation 42.07P MOODENG. There is evidence that traders are still profiting from the short-term volatility and increasing the token’s price.
Technical Analysis of MOODENG
It is quite evident that the meme coin has recently experienced large price swings, making the token quite attractive to those looking for short-term profits. The technical chart suggests that MOODENG is on the path of rising, its highest value being $0.12.
After this high,” the token moved downward into a descending channel, indicating a consolidation phase where traders took their gains. However, MOODENG of Mando broke this and formed a new up-moving level, thus increasing the price.
At present, the token is circling near the $0.12 resistance that has proven to be a reliable floor in the previous attempt of the token.
If the price bar penetrates this resistance level and reference level, more trading opportunities inclined towards the higher side might be triggered, especially for MOODENG. On the other hand, the inability to break this level may lead to a reversal as traders take their gains in the market.
This again shows that the volume oscillator means changing trading interest, which may mean increased short-term price movement.
Subsequently, the increase in speculative trading has raised concerns as the token price of MOODENG may trend again. The technical environment is similar to the free market, driven by short-term strategizing, which entails an abrupt fluctuation in the buying and selling pressure.
The sudden increase in price of the meme coin can be explained by the general tendencies observed in the cryptocurrency market as speculation. As a result of the low market capitalization, tokens frequently experience large magnitudes of fluctuation in their price due to speculative trading.
MOODENG attracted more participants because the early investor who started trading with $1,331 made $3.4 million quickly, generating even more ambitious expectations of all those who wanted to get a similar result shortly.
