A Solana-based memecoin themed on viral Thai zoo hippo Moo Deng surged by more than 67% after it was listed on cryptocurrency exchange Coinbase on Monday.

Its market cap is now pushing back towards $500 million after a two-week lull that saw the token’s price drop from $0.67 to $0.30. It is currently trading at $0.49 following Monday’s rise, with daily trading volume rising by 151% to $330 million.

The listing provided a much-needed boost to the wider memecoin ecosystem, with GOAT experiencing a 9% move to the upside, while PNUT rose by 6% during a 10-minute period following the listing.

It’s worth noting that memecoins are volatile by nature as they have no intrinsic value; they rise and fall rapidly based solely on trader sentiment on a backdrop of minimal liquidity. OKX, which offers MOODENG’s most liquid trading pair,

Two percent market depth for MOODENG on OKX, which offers the most liquid trading pair, is $81,000 to the upside meaning that a relatively small market order would push price much higher.

FinanceRead More

You might also be interested in reading Marathon Teams Up With Abu Dhabi’s Zero Two for Middle East’s First Large-Scale Liquid Cooled Bitcoin Mining.