Memecoin Mania Continues With 'Moo Deng'

The memecoin industry just got more meme-able. A new hippo born in Khao Kheow Open Zoo in Bangkok, Moo Deng is now the new star among memecoin traders. At the time of writing, the meme-coin inspired by the hippo, Moo Deng reached a market capitalization of $200 million.

This represents one of the quickest memecoin to reach that market capitalization in just a short period. This was also the first time a meme coin with origins from Thailand gained prominence.

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According to on-chain data, there are currently 19,714 token holders. With a market capitalization of $200 million, this represents an average of $10,145 per holder.

Moo Deng which means bouncy pork in Thai, went viral earlier this month after an image of her began circulating online. Along with her siblings, Moo Toon and Moo Wann, both also have an unofficial meme coin associated with them but did not receive the same amount of attention that Moo Deng did.

Companies like Dreamworks and UFC are leveraging Moo Deng's popularity to create memes featuring the hippo. This marks a significant shift from the usual cats and dogs.

The Bangkok zoo is said to be in the process of securing copyright and trademark rights for "Moo Deng the Hippo" to support fundraising efforts. However, it has yet to recognize the memecoin or any crypto-related imagery associated with Moo Deng.