Due to the usual circumstances, Moo Deng has established her own cryptocurrency now.
With Moo Deng gaining massive popularity as a Thai icon synonymous to "bouncy pork," it was inevitable that someone would transform this cultural sensation into a digital currency. As memecoins, which lack any substantial value and solely rely on mood, it's no surprise to see Moo Deng Coin surge by 1,400% in less than three weeks of its creation.
To set the record straight, Moo Deng Coin holds approximately the same value as Beanie Babies held in the 90s, yet at least then you had a physical Beanie Baby in hand.
Memecoins, no matter how adorable, are not a smart financial investment, even when one trader somehow turned a $800 investment into $3.5 million. It's crucial to mention that crypto enthusiasts doubt this anonymous Moo Deng supporter is an "insider," given they bought the coin just four hours post-creation, as reported by crypto news site Decrypt. Once this mysterious figure sells their stake, the coin's worth drops to zero both on paper and in reality.
Moo Deng Coin is merely the latest addition to the fringe internet culture that gave birth to Dogecoin (intended as a punchline about Bitcoin) and Shiba Inu coin (a parody of Dogecoin). Just like any other web craze, memecoins tend to have a short lifespan, skyrocketing in value when their novelty sparks FOMO in crypto traders before crashing shortly after as early investors cash out and hightail it.
Moo Deng's overwhelming cuteness undoubtedly fuels the new coin's popularity, causing it to increase by 90% within a 24-hour period, currently valued at around 25 cents per coin.
However, the recent gigantic interest rate reduction by the Fed and hints of further cuts ahead are also fuelling a rush in crypto as a whole, encompassing memecoins like Moo Deng and more widely-known cryptocurrencies such as Bitcoin and Ethereum. Looser monetary policies tend to favor high-risk assets like crypto.
Bitcoin, the most prominent cryptocurrency, has witnessed a 14% increase over the past week.
Despite the Federal Reserve's recent interest rate reduction fueling a surge in crypto, investing in memecoins like Moo Deng Coin remains a risky business, as their value can significantly fluctuate based on public sentiment and hype.
In light of Bitcoin's 14% increase over the past week, some investors might consider diversifying their portfolio to include emerging memecoins, viewing them as potential opportunities in the rapidly evolving world of digital currencies.
