- Vitalik Buterin’s adoption of Moo Deng sparks a 70% surge in MOODENG token price, signaling increased demand.
- Buterin donates 10M THB to Khao Kheow Open Zoo, further boosting the MOODENG token’s market sentiment.
- MOODENG’s rise highlights meme coins’ growing potential as both investments and tools for supporting charitable causes.
The co-founder of Ethereum, Vitalik Buterin, has joined the crypto and animal welfare space by “adopting” Moo Deng, a baby pygmy hippopotamus at the Khao Kheow Open Zoo. That move to adopt an endangered animal on December 26th sparked a rise in the price of the MOODENG meme token. Within an hour, the token’s price surged by almost 70%, which indicates that the demand for cryptocurrency has increased.
The adoption of Moo Deng by Buterin influenced the price of the MOODENG token to a large extent. The news sent the token’s price rocketing by 70% within the first hour of the news; the token was trading at $0.0001206 before the news and by the time of writing this piece, it was at $0.0002446.
The token is trading at $0.0001843 at the time of writing, up 44.27% from the previous day. The price rise was also coupled with a 428.44% increase in trading volume which is a clear indication of new investors coming into the system and an equally enthusiastic action from the crypto world.
MOODENG Token’s Surge
This sudden price increase also shows that MOODENG and other meme coins are highly sensitive to market emotions. Being a meme token, MOODENG has been primarily perceived as a speculative asset, but this rise shows the token’s potential as an investment asset. As even more traders come into the space, MOODENG is beginning to gain some recognition for its relation to a meme and philanthropy.
Buterin also supported the Khao Kheow Open Zoo and adopted Moo Deng while also promising to donate 10 million Thai Baht (THB) to the zoo. The money is to be used to enhance on-going conservation activities within the zoo. It will be split into two installments: 5 million THB to be paid at the present time and the other 5 million THB within the next year.
Buterin’s Charitable Influence
In a statement, Buterin said he was happy to become Moo Deng’s parent and highlighted the significance of conservation efforts. This act also follows the history of Buterin, the creator of Ethereum, who has spent much of his time and influence in the crypto community for charitable causes. He has been involved in donating Ethereum and other digital assets to different organisations and MOODENG is not an exception.
The recent surge in MOODENG which has been backed by Buterin shows that meme coins are not a passing fad in the cryptocurrency industry. From being a market of digital assets with limited practical use, the industry has started to evolve, and projects like MOODENG are showing how the blockchain can be used to promote social causes.
