Moo Deng Now Has His Own Crypto, Because Of Course He Does

New York
cnn
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What do you get when you combine lower interest rates and a viral baby pygmy hippo?

Moo Deng Cryptocurrency.

Given the sudden popularity of Moo Deng, the Thai national treasure whose name roughly translates to “jumping pig,” it was only a matter of time before someone turned it into a digital asset. And given the nature of these types of memecoins, which have zero underlying value and trade purely on vibes, it’s no surprise that Moo Deng Coin has soared 1,400% since its inception less than three weeks ago.

To be clear: This is as valuable an asset as Beanie Babies were in the 1990s, although at least back then you could hold a Beanie Baby.

Memecoins, as cute as they are, are not a smart financial play, even if one trader appears to have turned an $800 purchase into $3.5 million. (It should be noted that cryptocurrency traders suspect this anonymous Moo Deng booster to be an “insider,” as they purchased the coin four hours after its creation, according to cryptocurrency news site Decrypt. And once that person sells his share, the currency becomes as worthless on paper as it is in reality.)

The Moo Deng coin is just the latest product of a niche online culture that also gave rise to Dogecoin (created as a bitcoin dipping prank) and the Shiba Inu coin (a Dogecoin dipping prank). Like any fun internet sensation, memecoins tend to have a short lifespan, rising as their news inspires FOMO in cryptocurrency traders and then crashing soon after as early investors take their profits and rush for the exits.

Obviously, Moo Deng’s unbearable cuteness is the driving force behind the new coin, which rose 90% in 24 hours on Friday, trading at about 25 cents per coin.

But the Fed’s huge rate cut last week, and signs of more cuts to come, are It also fueled a rise in cryptocurrencies in general, from Moo Deng to the more mainstream bitcoin and ethereum, as looser monetary policy tends to benefit high-risk assets like cryptocurrencies.

Bitcoin, the most popular crypto token, is up approximately 14% over the past week.