Moodeng (MOODENG) reaches all-time high amid rumors of Binance loading up for future listing

MOODENG (MOODENG) Surges, Nearing Record High

Moodeng (MOODENG) has recently reached a new price record, driven by the surge in popularity of newly launched memes. The token's upward trajectory was bolstered by Binance's positive stance towards listing new meme coins.

MOODENG Extends Market Dominance

MOODENG has emerged as one of the most prominent meme tokens in recent days, reaching a new all-time high at $0.50. This surge has been accompanied by record trading volumes, surpassing levels not seen since October.

Elevated Trading Activity

Data from Bybit shows that MOODENG's open interest remains substantial. The token has around $189 million in open positions, reflecting the ongoing demand for the asset. The long-to-short ratio suggests a bullish sentiment, with 55% of positions being held by long traders.

Recent Market Dynamics

In the past few weeks, MOODENG has faced some competition from other popular memes, such as GOAT and Peanut the Squirrel (PNUT). However, rumors of an upcoming listing on Kraken Pro have boosted the token's image.

Binance Listing Speculation

The expectation of a Binance spot listing has long fueled the growth of MOODENG. The token's perpetual futures market on Binance has been highly active since its launch in October. MOODENG is now one of the leading second-tier meme tokens, with a valuation approaching $500 million. A Binance listing could significantly accelerate its growth, as seen with PNUT and ACT.

Meme Token Market Dynamics

High-volume Rollovers remain a dominant force in the meme token market, and MOODENG has emerged as a preferred choice for these transactions. The token's breakout potential has attracted attention, leading to recent price spikes. However, MOODENG remains a risky asset, susceptible to significant drawdowns.

Binance Spot Market Listing Rumor

Rumors of a Binance spot market for MOODENG have circulated for several weeks. However, there has been no concrete evidence to support these claims. The lack of an actual listing could potentially hurt the token's price.

Wintermute and Binance Connection

Wintermute holds a significant position in MOODENG, with over 6% of the supply. However, there is no apparent connection between Wintermute's wallets and Binance. On-chain data does not guarantee a listing but suggests potential testing activity by Binance.

MOODENG is primarily traded on Raydium and Bitget. It has also strategically positioned itself to compete with similar tokens on other chains. The token's influencer support has contributed to its visibility, but it remains relatively centralized, which could impact its eligibility for a Binance listing.