Moo Deng Explodes 136% in a Day Meme Coin Mania Fuels Massive Gains

Moo Deng (MOODENG), the meme coin inspired by a pygmy hippo, went parabolic on Friday, surging by over 136% in a single day and cementing itself as one of the top-performing cryptocurrencies in the market right now.

As of May 9 (Asia afternoon session), Moo Deng hit an intraday peak of $0.104 its highest price since February 1. The token has now skyrocketed more than 300% from its yearly low, catching the attention of traders and analysts alike.

Futures Market on Fire: Open Interest Hits $125M

Fueling the breakout, MOODENG’s futures open interest surged by nearly 440%, jumping from just $13.4 million a month ago to $125 million, the highest level since January 7, according to CoinGlass data. Rising open interest generally signals increased trader participation and growing speculative bets both bullish indicators for short-term price action.

Additionally, funding rates flipped positive for the token today. When funding turns positive, long-position holders are paying shorts a premium, indicating that bullish sentiment is building among leveraged traders.

Investors Are HODLing Net Outflows Signal Confidence

On-chain metrics support the bullish case further. Crypto exchanges have recorded seven consecutive days of net outflows, totaling roughly $3.5 million worth of MOODENG. This trend shows that holders are transferring tokens into private wallets, reducing sell pressure and signaling long-term conviction.

Binance Listing Rumors Swirl as Speculation Builds

Adding to the momentum, there’s growing speculation that Binance may soon list MOODENG on its spot exchange. While no official announcement has been made, the token is already available on Binance Futures and is listed on major platforms like Coinbase, OKX, Bitget, and Gate.io, fueling speculation that a spot listing may be imminent.

Meme Coin Rally in Full Swing as Bitcoin Tops $100K

Moo Deng’s explosive run is part of a broader memecoin resurgence, ignited by Bitcoin’s historic rally above $100,000. The overall memecoin market cap has jumped 15% in the last 24 hours, with tokens like Pepe, Popcat, Pudgy Penguins, and Mog Coin all posting strong double-digit gains ranging from 20% to 50%.

At press time, Bitcoin is trading around $103,075, just shy of its all-time high, driving renewed investor enthusiasm across the altcoin market.

Moo Deng Technical Analysis: Bull Flag Breakout and Strong Indicators

On the 4-hour USDT chart, Moo Deng has successfully broken above a bullish flag formation, hinting at a continuation of the uptrend. The 50-day EMA remains above the 200-day EMA, keeping the golden cross intact—a historically bullish signal for long-term momentum.

Momentum indicators are also flashing green. The MACD has turned positive, and the Relative Strength Index (RSI) has soared to 94.7, firmly in overbought territory. While such a high RSI might suggest a short-term pullback is possible, meme coins often defy these norms and can remain overbought during extended rallies.

If bullish momentum continues, MOODENG could target the next major psychological resistance at $0.20. A breakout above that could open the door for a run toward $0.31, the yearly high last reached on January 4.

Altseason Incoming? Bitcoin Dominance Could Trigger More Meme Coin Gains

According to historical market cycles, altcoins typically surge when Bitcoin dominance approaches critical levels. In December 2022, Bitcoin dominance peaked at around 72.92%, prompting a wave of capital rotation into alternative tokens.

Currently, BTC dominance is hovering at 64.14%. If it continues rising and nears previous highs, we could see another influx of funds into altcoins and meme coins like Moo Deng, setting the stage for even more explosive growth.

Moo Deng is making waves not just because of its impressive price performance but also due to broader market trends supporting the memecoin renaissance. With strong technical indicators, rising investor confidence, and growing exchange interest, MOODENG could be poised for even greater gains, especially if Bitcoin’s bullish momentum continues and Binance listing rumors come true.