Investing.com – One of the biggest successes in the cryptocurrency market in recent days was recorded by Moo Deng, a token created in homage to a baby pygmy hippopotamus living in a Thai zoo.
The baby pygmy hippo has become a social media sensation, and was even featured on the cult TV show Saturday Night Live last Saturday. Crowds also flock to visit him in person, and the zoo has even installed a 24/7 live streaming camera to observe Moo Deng at any time of the day.
Unsurprisingly, the crypto world quickly took hold of the phenomenon, and an unofficial fan token, Moo Deng ($MOODENG) was created, which got off to an explosive start to say the least.
While it launched on September 20 at $0.03597 on the network, Moo Deng soared to a record high of $0.3362 on September 28, thus recording a gain of more than 830% in about a week.
MOODENG has since corrected, trading at $0.2356 at the time of writing, posting a gain of 16% over a day and 130% over a week, and displays a capitalization just above $200 million. , making it the 226th largest crypto on the market.
Note also that this is one of the rare cryptocurrencies which showed an increase this Wednesday, while many digital assets were affected by a wave of appetite for risk which briefly brought the value close to 60,000 $.
Moo Deng’s success is therefore a reminder that the world of cryptocurrencies often contains the most explosive opportunities. However, it also remains a very risky market.
Indeed, investors who bought Moo Deng at its record high last week are currently showing losses of around 30%.
This is why many investors who like to take risks on cryptocurrencies complement their speculative bets with more reasoned investments in stocks with high potential.
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