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MOODENG price drops 14% to $0.2613 after 703% weekly rally
By: bitcoin ethereum news|2025/05/15 00:30:06
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Open interest has now dropped by 29.22%. Total holders crossed 75,000, with retail wallets under $10 doubling. Resistance remains at $0.355, with downside risk toward $0.180. MOODENG, the Solana-based meme coin, soared 703% in just one week, but has since retreated 14.02% from its recent high trading at around $0.2613. The rapid rise from under $0.04 to over $0.30 had propelled the coin to the top of crypto performance charts and attracted strong speculative interest. Open interest has now dropped by 29.22%, falling from its peak of $342 million to $246.10 million, signalling a cooling in futures market activity after last week’s surge. The earlier increase reflected a major influx of traders, but the decline may suggest reduced conviction or profit-taking among speculators. While the bullish trend had been driven by momentum, the current price drop indicates profit-taking and cooling sentiment as the token struggles to hold key resistance at $0.355. Still, its position within the Solana ecosystem keeps it on traders’ watchlists. The coming days may decide whether MOODENG finds support or continues sliding as speculative demand wanes. Small holders According to on-chain data from Holderscan, MOODENG’s retail base is expanding rapidly. The total number of holders has climbed to over 75,000, with a notable rise in smaller wallet addresses. In just ten days, the share of holders with less than $10 worth of MOODENG jumped from 17% to 33%. This trend signals increasing retail interest, as smaller investors accumulate the token, likely drawn by the steep price rise and potential for short-term profits. The growth in low-value holdings typically reflects strong grassroots participation. While such distribution may appear fragmented, it also indicates a reduction in token concentration, which can support price stability in highly speculative assets. MOODENG price action At the time of writing, MOODENG is trading at $0.2613, down 14.02% from its recent peak. It remains just below a key resistance level of $0.355. Technical charts suggest that breaching this level and establishing it as support could push the token towards a retest of its previous all-time high of $0.700. However, the current decline could reflect short-term investors taking profits. A continued slide may send the price back to $0.180—a drop of over 30% from current levels. The earlier bullish trend had been supported by futures market data, where $324 million had flowed into MOODENG contracts. Whether this trend holds remains to be seen amid growing volatility. Source: https://coinjournal.net/news/moodeng-drops-14-to-0-2613-after-703-weekly-rally/
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