Catenaa, Tuesday, December 10, 2024 – The Moo Deng price topped 80% within an hour of trading on December 2, driven by the Coinbase effect, reports said.
SOL-based meme coin, Moo Deng’s surge was followed by the recent Coinbase token listing.
CoinGecko data revealed that Moo Deng, currently priced at $0.57, was a 54% surge recorded within 24 hours.
Recently, Coinbase announced its plan to enlist Moo Deng on its exchange roadmap.
Additionally, the recently Coinbase-onboarded meme coins are eligible to trade later the same day, Coinbase said.
The desired clients of minting new tokens were attracted by the SOL-onboarded Moo Deng token this year.
Basically, meme coins are based on internet jokes and real-world events.
Once the Coinbase token listing was announced, the surging of the token price was noticeable, and the phenomenon is known as the ‘Coinbase effect,’ which is a recurring market situation within cryptocurrency.
