New Ethereum meme coin Moodeng has experienced a notable 480% surge in the last 24 hours, following a nod of approval from Vitalik Buterin. The MOODENG token, inspired by the Thai baby hippo Moo Deng, was created in September and has already boomed over 4000% since its launch. Buterin, a co-founder of Ethereum, recently took to social media and mentioned MOO DENG in a post, which investors saw as a huge price catalyst.
Vitalik Buterin recently sold 10 billion MOODENG for 308.69 ether (ETH), worth $762K at current prices. He then transferred 260 ETH, or $642,000, to the charity Kanro on Monday. Furthermore, his publicly-known Ethereum address “vitalik.eth” still holds 40 billion MOODENG tokens, worth over $8 million.
Buterin thanked the team behind the memecoin in the post, saying that he would sell his holdings for charity. “I appreciate all the memecoins that donate portions of their supply directly to charity,” Buterin said on X. “Anything that gets sent to me gets donated to charity too (thanks moodeng! 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.”
Vitalik Buterin Endorsement Sends MOODENG Coin To The Moon
The Ethereum co-founder often participates in philanthropic causes and uses cryptocurrencies as fuel for his donations. The Moodeng team sent Buterin a portion of its supply when it was first issued in September. On October 5, Buterin sold over $50,000 worth of the MOODENG coin, alongside other tokens, for ether, which he then sold as part of a donation to another charity.
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MOODENG traders took Buterin’s mention and donations as a bullish signal, quickly executing multiple transactions around the meme coin. This surge in trading activity over the last 24 hours has resulted in a nearly 500% price boom. The surge also brought the seven-day gains for the MOODENG coin to over 2,700%, according to Dextools data.
Meme coins often experience meteoric rises like this following launch, with Pepe and Shiba Inu serving as past examples. MOODENG has different coin versions on both the Ethereum and Solana networks. “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,” Buterin added discussing coins like Moodeng.