The possibility of breathtaking rises for meme coins has long been acknowledged by the crypto markets, but $MOONPIG has taken even longtime traders by surprise in its recent ascent.
In a single month, $MOONPIG has upped the anti to an astonishing 360x, pushing its market capitalization past the $65 million mark. If you once considered $MOONPIG just another meme coin in a way too crowded market, now seems like you might be on the wrong side of something serious. Because, with serious smart money coming in, serious influential endorsements piling up, and on-chain momentum that shows no signs of stopping, $MOONPIG is capturing some serious attention.
This sudden rise’s crux is growing behind-the-scenes support from institutional-like traders and whales. These types of supporters usually work to pump up an asset, and they have a strong incentive to not let it dump. One of the prominent meme investors, James Wynn (@JamesWynnReal), is now publicly backing $MOONPIG. His endorsement, visible whale interest, and low supply across crypto exchanges are creating a very compelling bullish narrative.
Massive $MOONPIG Price Action and Surging Market Cap
In a matter of weeks, $MOONPIG has turned from nothing to showbiz, giving back a 360x return to early holders and rocketing it up the charts of 2023’s fastest-growing meme coins. Now with a market cap that puts it above $65 million (a figure most told us we wouldn’t be hitting anytime soon), the token is hanging with some of the big dogs of the meme coin space.
https://twitter.com/followin_io/status/1925100649999712512?t=_UkvJPSUjtQ2rVM0z4Gufw&s=19
This astronomical growth has not gone unnoticed. Along with price, trading volume has surged, and on-chain data shows a sharp escalation in the number of active wallets interacting with $MOONPIG. Price performance has been consistently ahead of other meme coins during this cycle, with further traction gained as speculators and meme traders have jumped aboard.
Some analysts feel that the coin’s parabolic move still has room to run, especially if the broader market conditions remain favorable and the social sentiment keeps on increasing. However, the rapid rise of $MOONPIG has drawn some cautionary comparisons to past meme rallies, in which a euphoric peak was often followed by a not-slow retracement.
Smart Money and Whale Support Signal Confidence
In stark contrast to many ephemeral meme coin trends, $MOONPIG’s present uptrend is underpinned by healthy on-chain signals. Most notably, smart money wallets—generally identified as high-performing traders and well-capitalized funds—are continuously amassing the token in question. This kind of behavior very much implies that a certain segment of the market sees $MOONPIG as more than just a vain stab at gambling.
On-chain net flows are very positive — buy volume is clearly outpacing sell volume. This seems to be working in concert with the increased demand for $MOONPIG’s by-product, helping to lift it and keep it from being too volatile a thing to hold. And the way the wallet concentration is going, it seems like some very opinionated wallets are holding a large chunk of $MOONPIG — good to have them on our side. The market cap of this rainbow cash cow is clearly being respected.
Adding to the run’s legitimacy is whale involvement. This week, one of the crypto industry’s most prominent meme coin investors, James Wynn, publicly expressed his support for the project. Wynn’s backing is not something to take lightly—tokens he has endorsed in the past have not only enjoyed a swift uptick but have remained in motion for quite a while as retail traders have followed his lead and injected even more liquidity into the market.
$MOONPIG Meme Momentum Meets Market Mechanics
Communities propelled by viral energy are a hallmark of the current meme coin industry. They are the driving force behind $MOONPIG, a governance token for the newly launched MoonPigs protocol. MoonPigs is a decentralized platform that allows for the creation of on-chain, lukso-based digital pigs. It exploits the natural viral qualities of social media to make its pigs, and hence, the platform, a trend.
Though predicting the lifespan of the current meme project is difficult, it seems to have all the right elements for a sustained run. Its trajectory is now at a sharp inflection point between short-term fad and long-term phenomenon. Which way will it go? We can’t know just yet. But we can lay odds on a couple of possible outcomes.
At present, $MOONPIG remains on a sharp incline. Buyers of all stripes—traders, investors, and watchers of memecoins—are staying close to what is likely the year’s biggest breakout surprise so far. And with continued share buybacks from smart money and large meme coin supporters, the ride’s next phase is just taking off.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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