“The action breaks a two-week more than 50% slump in the price of MOOD.”, — write: www.coindesk.com
Its market cap is now pushing back towards $500 million after a two-week lull that saw the token’s price drop from $0.67 to $0.30. It is currently trading at $0.49 following Monday’s rise, with daily trading volume rising by 151% to $330 million.
The listing provided a much-needed boost to the wider memecoin ecosystem, with GOAT experiencing a 9% move to the upside, while PNUT rose by 6% during a 10-minute period following the listing.
It’s worth noting that memecoins are volatile by nature as they have no intrinsic value; they rise and fall rapidly based solely on trader sentiment on a backdrop of minimal liquidity. Market depth for MOODENG on OKX, which offers the most liquid trading pair, is still relatively thin with just $81,000 in resting orders 2% to the upside. Market depth is a metric that assess liquidity by aggregating all orders between set parameters, 2% in this case.
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