The MOODENG memecoin, inspired by the viral Thai baby hippo Moo Deng, skyrocketed nearly 500% in value after Ethereum co-founder Vitalik Buterin mentioned it in a social media post and donated proceeds from its sale to charity. The price surge added to an astonishing 2,700% seven-day rally, fueling discussions of a memecoin supercycle.
On Monday, Buterin sold 10 billion MOODENG tokens for 308.69 ETH ($762,000) and donated 260 ETH ($642,000) to the Kanro charity, which focuses on anti-airborne disease technology.
Buterin acknowledged the positive impact memecoins can have on the world, stating:
“I think the best thing for memecoins is if they can be maximally positive-sum for the world.”
MOODENG’s Meteoric Rise in the Memecoin Market
Following Buterin’s transactions, traders rushed to buy MOODENG, causing its price to spike dramatically. As per DEXTools data, the memecoin now boasts a market capitalization of over $100 million, making it the first Thai-themed memecoin to reach this milestone.
MOODENG exists on both Ethereum and Solana, attracting investors with its viral appeal and strong community backing. The team had previously sent Buterin a portion of its supply in September, a common marketing tactic used in the memecoin space.
Memecoins and the ‘Supercycle’ Phenomenon
The surge in MOODENG comes amid a broader rise in memecoin mindshare, with traders speculating that a “memecoin supercycle” is underway. This theory suggests that community-driven tokens are outperforming venture capital-backed projects, as retail traders seek assets with viral momentum rather than institutional funding.
Crypto analysts highlighted the explosive interest in memecoins, with some pointing to a yearly high in social engagement for the sector.
“Welcome to meme season,” wrote Kaito AI, a crypto analyst tracking memecoin trends.
Moodeng’s Future and Community Initiatives
Following Buterin’s donation, the Moodeng team announced plans to continue charitable initiatives. In an official statement, the project revealed it had established a multi-signature wallet and a foundation to support community-led efforts.
“Our community greatly agrees with how you’ve given real-world value to cryptocurrency and used it to help others,” Moodeng’s team stated in an X post directed at Buterin.
Despite its rapid rise, MOODENG’s long-term sustainability remains uncertain. However, with its growing community, viral appeal, and a commitment to philanthropy, the Thai baby hippo-themed memecoin has carved a unique niche in the ever-evolving world of cryptocurrency.