Moo Deng’s Viral Fame and Vitalik Buterin’s Support
On December 26, Thailand’s Khao Kheow Open Zoo announced Buterin’s adoption of Moo Deng, revealing his generous contribution of 10,000,000 Thai Baht (approximately $292,000) to support Moo Deng and her family through the zoo’s Wildlife Sponsorship Program. The zoo expressed gratitude for Buterin’s commitment to support Moo Deng over the next two years.
Moo Deng gained notoriety in September 2024 due to her playful antics, showcased in widely shared videos. Following the adoption announcement, Buterin hinted at further support, planning to allocate 88 ETH (over $290,000) to assist Moo Deng and her companions. His philanthropic efforts in 2024 also included a $180,000 Ethereum donation to the biotech charity Kanro, originating from meme coin contributions to his wallet.
The Rise and Fall of MOODENG
The viral phenomenon surrounding Moo Deng inspired the creation of a Solana-based meme coin named MOODENG. Early investors saw significant profits, with one trader turning a $1,300 investment into $3.4 million. However, the token’s success was ephemeral, as its value fell approximately 58% from its peak price of $0.62 in mid-November 2024.
Data from Solana’s meme coin launchpad, Pump.fun, indicates that more than 99% of traders experienced losses or small gains of less than $1,000. Out of 8.5 million wallets, only 50 earned up to $1,000, while a mere five wallets achieved profits between $1,000 and $10,000. Just one wallet managed to exceed $10,000 in earnings. Despite this volatility, Moo Deng continues to symbolize joy and community engagement, now bolstered by support from an influential figure in cryptocurrency.
Trader Nets $1.1M on Ether Short
Not only has Moo Deng captured attention, but traders are also finding success in the crypto market. One trader recently profited over $1.1 million in just two days by strategically shorting Ethereum (ETH) during the market correction. By employing a 50x leveraged short position, the trader borrowed 19,186 Ether, valued over $64.5 million at a price of $3,428, opening the position on December 24.
Despite facing a $1.2 million loss on the first day, the trader’s position eventually turned profitable as the market corrected. While leveraged trading can amplify returns, it also carries substantial risks, as highlighted by a January 2024 incident where another trader lost over $161,000 after being liquidated.
Ethereum Poised for Breakout
With Ethereum’s potential for a breakout, traders are optimistic about future profits. The ETH/BTC ratio is currently close to 0.0356, and market analyst Michael van de Poppe suggests it could surpass 0.04 in January. The last time the ratio hit 0.04 was on December 8, when ETH reached $4,018.
Van de Poppe anticipates increased inflows into Ethereum in the coming month, while Bitcoin may experience outflows that could consolidate its price. This shift could trigger an “altcoin run,” allowing alternative tokens like Ethereum to gain more market momentum. Key Ethereum ecosystem tokens, such as Shiba Inu (SHIB) and Mantle, have already recorded impressive price increases recently.
Ethereum ETF Gains Momentum
BlackRock’s Ethereum ETF, the iShares Ethereum Trust (ETHA), is attracting significant attention, having garnered nearly $44 million in inflows on Christmas Eve, bringing its total net assets to $3.65 billion. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) faced outflows of $188 million, contributing to an overall $338 million outflow from Bitcoin ETFs on the same day.
- ETHA inflows: $44 million
- Total net assets: $3.65 billion
- IBIT outflows: $188 million
- Total Bitcoin ETF outflow: $338 million
Among Bitcoin ETFs, Fidelity’s Wise Origin Bitcoin Fund (FBTC) and ARK’s 21Shares Bitcoin ETF (ARKB) recorded outflows of $83.16 million and $75 million, respectively. Only Bitwise’s Bitcoin ETF (BITB) showed a positive trend, gaining $8.5 million in inflows. Despite some underperformance, BlackRock’s spot Bitcoin ETF remains a standout success, amassing nearly $54 billion in net assets within a year.
Conclusion
The cryptocurrency market is experiencing significant developments, with Vitalik Buterin’s support for Moo Deng adding a unique touch to the narrative. As Ethereum continues to gain momentum, both in trading and ETF performance, the potential for growth remains high. With the anticipated breakout in early 2025, traders and investors alike are keeping a close eye on Ethereum’s progress in the evolving crypto landscape.
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