What happens when you combine low interest rates with a viral baby pygmy hippo?
Moo Deng cryptocurrency.
Given the increasing popularity of Moo Deng, the Thai national treasure whose name roughly translates as “bouncy pork,” it was only a matter of time until someone transformed her into an online asset. And considering the nature of meme coins, which have no underlying value and trade only on vibes, it’s no surprise that Moo Deng Coin has skyrocketed 1,400% since its inception less than three weeks ago.
Moo Deng Now Has Her Own Crypto, Because Of Course She Does
To be clear, this is an asset that is roughly equivalent to the value of Beanie Babies in the 1990s, though at least you could hold one.
Memecoins, no matter how cute they are, are not a good investment, even if one trader claimed to have made $3.5 million off a $800 purchase. (It should be mentioned that crypto traders believe this unidentified Moo Deng booster is an “insider,” as they purchased the coin four hours after it was created, according to crypto news site Decrypt. And once that person sells their interest, the coin is worthless both on paper and in reality.)
The Moo Deng coin is the newest product of a fringe internet culture that also gave birth to Dogecoin (made as a joke to dunk on Bitcoin) and Shiba Inu coin (a joke to dunk on Dogecoin). Memecoins, like every other amusing internet fad, have a brief lifespan, surging as their novelty creates FOMO in crypto traders and then plummeting quickly after as early investors take their profits and flee the market.
Moo Deng Now Has Her Own Crypto, Because Of Course She Does
Obviously, Moo Deng’s overwhelming cuteness is the driving force for the new coin, which was up 90% in 24 hours on Friday, trading at almost 25 cents per coin.
However, the Fed’s massive rate cut last week, as well as promises of future cuts, are driving a boom in crypto in general, from Moo Dengs to the more mainstream Bitcoin and ethereum, since looser monetary policy tends to reward high-risk assets like crypto.
Bitcoin, the most popular cryptocurrency, has up approximately 14% in the last week.
SOURCE | CNN
