How Ethereum’s Vitalik Buterin Caused MOODENG Token to Explode 390%
Qadir AK8 Oct 20242 min read
Amid the growing popularity of meme coins on various blockchains—including Solana (SOL), BNB Chain, Ethereum (ETH), and Toncoin (TON)—Moo Deng (MOODENG) has emerged as a standout contender. This small-cap meme coin has a fully diluted market valuation of about $88 million and a daily trading volume of around $36 million. In just 24 hours, its price soared over 390%, reaching $0.00021 on Monday during the early New York session.
It goes without saying that investors and market watchers were left stunned. What’s the story behind this overnight sensation?
How Did Vitalik Buterin Boost Moo Deng?
Moo Deng, inspired by hippos, has skyrocketed over 2200% in the past week, primarily due to support from Ethereum co-founder Vitalik Buterin. On-chain data shows that Buterin is the largest holder of MOODENG, owning about 40 billion units, which represents approximately 9.5% of the total supply.
However, Buterin clarified on his X account that his $9.5 million worth of MOODENG will be donated entirely to charity. He sold 10 billion MOODENG earlier today for 308 ETH, valued at around $762,000. Buterin then transferred 260 ETH, worth about $642,000, to the Kanro charity group.
Buterin’s Vote of Confidence
Despite his large holdings, Buterin urged meme coin projects to donate directly through decentralized autonomous organizations (DAOs) for better community involvement.
“The 10B from today is going to anti-airborne-disease tech. Though I truly prefer if you guys send to charity directly, maybe even make a DAO and get your community directly engaged in the decisions and process. I’ve said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens,”
What Should You Expect Ahead?
After its impressive performance, MOODENG’s price may face some corrections in the near future. Early investors might be inclined to take profits following the coin’s 20x increase, especially considering Buterin’s recent sales. While MOODENG has done well so far, investors should be prepared for potential fluctuations in the coming days.
The future of MOODENG is uncertain, but one thing is clear: Buterin’s support has given it a major boost.
