Okay, quick back-story before we nerd out on charts: I was scrolling through Crypto Twitter on my phone while waiting for a cappuccino, and suddenly my feed looked like a rave—bright green candles everywhere. The culprit? A Solana meme coin I’d barely heard of two days ago: MOODENG. No joke, someone’s dog-profile-picture account yelled, “39% in an hour, who’s coming with me?!” and I nearly spit espresso.
Here's What Actually Happened
Late last night (Seoul time, June 11), South Korea’s biggest exchange Upbit pushed a surprise listing notice for MOODENG’s KRW and BTC pairs. If you’ve followed Upbit listings before, you know they’re basically rocket fuel for obscure coins. Within minutes, the order books lit up like it was 2017 again. According to CoinGecko’s minute-by-minute data, MOODENG jolted from roughly $0.00018 to $0.00025—that’s the headline 39% pop—before consolidating around the mid-$0.00022 range as I’m typing this.
Volume? Nuts. We’re talking $48 million in 24-hour turnover, up from a sleepy sub-$3 million the day before. That’s a 16× spike—bigger than what BONK or WIF saw on their first major CEX debuts, if you’re keeping score at home.
But… Why MOODENG, Upbit?
Honestly, I’m not entirely sure. Upbit has a reputation for listing coins with wild Korean community backing (remember GMT?). My best guess is MOODENG’s devs greased the wheels with aggressive marketing in local Telegram rooms. Also, Solana memecoins are having a mini-renaissance lately—PEPE copycats everywhere—so Upbit probably smelled trading-fee gold.
Plus, South Korean retail loves a catchy ticker. MOODENG in Hangul even sounds like “무덩,” a slangy twist that roughly translates to “big vibe.” (Don’t quote me, I’m relying on my Korean friend’s late-night Discord translation.) That’s meme magic tailor-made for Kakao chatrooms.
Is the Pump Sustainable? Let's Be Real
This is where I put on the boring risk-manager hat. Quick math: MOODENG’s fully diluted valuation shot past $220 million overnight. Does a dog-themed Solana token with zero actual utility deserve that? Your call. I’m leaning toward probably not, but memes have their own gravity, so who knows.
Liquidity is still thin outside Upbit. Binance? Nope. Coinbase? Ha. That means price discovery is happening mostly in one venue. If Upbit whales decide they’re done, the floor can disappear faster than your Netflix recommendation list.
How the Solana Ecosystem Is Reacting
I hopped into a Spaces hosted by @SolanaLegend earlier—600 people just vibing. The general take: this is bullish for Solana culture. Every new meme listing funnels fresh retail cash into the chain, which then bleeds into DeFi projects like Jupiter and even serious stuff like Marinade staking. It’s the classic Robinhood effect—people come for GameStop, stay for ETFs.
Also worth noting: gas on Solana stayed below 0.00001 SOL during the frenzy. Ethereum memecoins would’ve turned traders’ wallets into charcoal briquettes under that kind of volume. So the tech flex is real.
Could Another Exchange FOMO In?
KuCoin tends to copy whatever Upbit lists within a week. Gate.io sometimes front-runs them. If either one pulls the trigger, MOODENG could see a second-wave squeeze. That said, I’m watching the CoinMarketCal event list like a hawk; no other listings rumored yet.
What I'm Doing With My Own Bags
I grabbed a microscopic moon-bag—think beer-money size—because my inner degen couldn’t resist. Tight stop-loss at 15% below entry because I’d like to keep my coffee budget intact. If it doubles again, cool, I’ll treat myself to an overpriced Ledger case. If it nukes, so be it.
Important: This is not advice. I’m some rando on the internet who once bought BitConnect (yes, really). Do your own research and all that jazz.
Why This Matters for Your Portfolio
Even if you hate meme coins, Upbit’s move is a signal. Korean exchanges remain a liquidity geyser, and they’re not shy about spotlighting Solana tokens. If you’re farming airdrops or stacking layer-1 exposure, watch for which chains get repeat listings—capital flows generally follow.
Second, the speed of the pump—and possible dump—reminds us that centralized exchange risk hasn’t gone anywhere post-FTX. One listing can change everything; one delisting can erase it just as fast.
Final Thought Before I Refill My Coffee
MOODENG’s 39% pop is equal parts hilarious and terrifying. Hilarious because the internet literally printed money off a dancing dog meme. Terrifying because lots of newcomers will buy the top and learn the “illiquidity + leverage = pain” lesson.
But hey, that’s crypto—chaos with an outside shot at generational gains. If you’re jumping in, at least set an alarm for the Asian market open. And maybe keep your cappuccino at a safe distance from your keyboard.
