Explained: What Is Moodeng Meme Coin And Why It Is In News

Moo Deng, an adorable two-month-old pygmy hippo who has charmed the internet with her playful antics and endearing expressions, has now inspired a meme coin. A cryptocurrency user recently claimed that they became a multimillionaire in just 17 days after they invested Rs 1 lakh in the newly launched Moo Deng meme coin. Taking to X, user Lookonchain, an account that regularly shares updates on the blockchain, posted a screenshot showing a cryptocurrency user investing $1,300 (approximately Rs 1 lakh) on September 10 on Moodeng coins. A few days later, when the price of the meme coin surged, their investment was worth over $12 million. Thus, within 17 days, the crypto user's investment of Rs 1 lakh grew to more than 100 crore, the post claimed. 

What is Moodeng coin? 

Meme coins are crypto assets which are named after trending memes and art especially those including animals. Therefore, the Moodeng coin was created after the baby hippo in Thailand went viral on social media for her small size and playful videos. Like other meme coins, including Doge Coin, Moo Deng is also not based on any real asset. But when it comes to meme coins, Moodeng coin is leading the wildlife pack. It is reportedly trading at almost twice the price of Dogecoin. 

According to Fortune, the Moodeng crypto has seen its price climb more than 1,400% since it was launched on September 10. However, investors believe that the value of Moodeng could collapse at any time. 

Who is Moo Deng, the internet sensation? 

Moo Deng, whose name in Thai means "bouncy pork", a popular snack, has become an internet sensation in the past few weeks. The two-month-old pygmy hippo went viral on TikTok and Instagram for her cheeky antics, inspiring merch, memes and even craft tutorials on how to make crocheted or cake-based Moo Dengs at home. Fans from all over the world have also queued for hours outside her enclosure, forcing keepers to limit Moo Deng's observation time to five minutes each.

The baby hippo's caretake and social manager said the rise of short-form videos has turbocharged the pygmi hippo's fame and hopes it will be a boon for biodiversity preservation.

Native to West Africa, the pygmy hippo is threatened by human activities, such as logging, mining and poaching, and there are only 2,000 to 2,500 left in the world, according to the International Union for Conservation of Nature.