Yes, the one and only Moo Den at Khao Kheow Zoo now has its own cryptocurrency, but should I buy it?
Khao Kheow Zoo’s popular pygmy hippopotamus has captured the hearts of people around the world, with many visiting the zoo just to see the one-of-a-kind Moo Den. Even those who are unfortunately unable to travel to Thailand have decided to purchase Mu Deng goods. And of course, some people decided to make a cryptocurrency out of adorable little hippos.
Like Dogecoin before it, the new Mu Dengcoin capitalizes on the popularity of everyone’s favorite Pygmy. The question now is whether it is actually worth investing in Moo Deng coins.
Moo Deng Crypto: Should I do it?
First of all, what is a meme coin?
Image credit: Wikipedia
Cryptocurrencies, also known as meme coins, based on numbers or events that have gone viral on the internet are not new. One of the most popular meme coins, the first being the aforementioned Dogecoin. It has stood the test of time and continues to be traded. Unlike other digital currencies such as Bitcoin and Ethereum, meme coins actually started out as jokes and satire, but some are actually quite valuable. Other meme coins include Pepe, Wif, and Bonk.
Moo Deng The Rise of Cryptocurrency
Image credit: Khao Kio Zoo
Moo Deng’s rise in popularity only meant it was inevitable until someone created a crypto coin modeled after her. Sure enough, the Moo Deng coin was launched in September. A CNN article written in late September reported that its value had soared 1,400% in just three weeks after its creation. Bybit reported that someone bought 800 USD worth of Moo Deng coins, which ended up being worth 7.5 million USD.
Is Moo Deng cryptocurrency worth investing in?
Image credit: Traxer/Unsplash
But don’t let that fool you. “Memecoins are considered high-risk and volatile trading assets,” Coinbase wrote. Sure enough, Watcher.guru reported that the Moo Deng coin had lost 65% of its value just nine days after investors cashed out millions of dollars.
Cryptocurrencies themselves are already unstable. Elon Musk’s statements can cause an instantaneous rise in value, but they can also cause them to collapse just as quickly. Meme coins are much more volatile considering they are based on trends. “Meme coins, no matter how cute, are not a smart financial strategy,” the CNN article states. “Like all fun sensations on the internet, meme coins tend to have short lives, surging as their newness fuels FOMO among crypto traders, causing early investors to lock in profits and look to exit.” It crashes right after.”
Therefore, if you are planning to invest in Moo Deng coins, it might be better to visit the pygmy hippopotamus and buy goods at Khao Kheow Zoo and resell it.
Note:
The information in this article is accurate as of the date of publication.
