Memecoin Moodeng on Ethereum Jumps 480% After Vitalik Buterin’s Mention and Donation Sales

As a seasoned crypto investor with a penchant for unique and heartwarming projects, I find myself captivated by the meteoric rise of the MOODENG token. The surge in its value, driven by Vitalik Buterin’s endorsement and subsequent charitable donation, has undeniably piqued my interest.

Over the past 24 hours, the memecoin based on popular Thai zoo hippo Moo Deng saw an approximately 500% surge, followed by a dip in profits. This significant increase was largely attributed to a social media post by Ethereum co-founder Vitalik Buterin, which many traders perceived as a promising sign.

The sales aren’t to fund his lifestyle and proceeds are usually donated to charity.

Buterin expressed gratitude for memecoins that contribute a portion of their total supply to charitable causes in a recent post. He also mentioned that any funds sent to him are donated to charity (thanks moodeng! The 10 billion from today is going towards anti-airborne-disease technology). However, he prefers if the community directly contributes to charity and even suggests setting up a Decentralized Autonomous Organization (DAO), allowing the community to have a say in decision-making and the donation process.

It seems traders interpreted the sale and brief reference in Vitalik Buterin’s post as a favorable sign, leading to a surge in MOODENG prices shortly after Buterin’s donations. This surge built upon last week’s rally, pushing the seven-day gains for this memcoin beyond 2,700%, according to DEXTools data.

The Moodeng token, present on Ethereum and Solana, is modeled after Moo Deng, a young Thai hippopotamus at the Khao Kheow Open Zoo near Bangkok. Her fame has led to her becoming the first Thai meme coin with a market cap exceeding $100 million, thanks to her popularity worldwide.

Donations surge due to heightened popularity – or public interest – in memecoins reaching its peak on Monday. Certain traders predict a “memecoin boom” where fervor, contagion, and attention could act as the foundation for a meme token, instead of venture capital-backed tokens which are considered risky investments for individual traders.

However, Buterin doesn’t view this solely as a monetary matter; he sees memecoins as a potentially beneficial force that could contribute positively to our planet in the long run.

He previously expressed his view that memecoins could do well when they bring maximum benefit to everyone. It’s wonderful to witness instances where this ideal becomes a reality.

Moodeng’s team, meanwhile, claimed they had set up a wallet to continue similar initiatives.

The team expressed their agreement with your practical application of cryptocurrency and its use in assisting others, stating this in a recent post. Interestingly, we’ve been pursuing similar efforts ourselves. In fact, our project is helmed by a CTO, with our community taking over after the original developer departed. We have also established a multi-signature wallet and a foundation to facilitate various initiatives.