Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at a recent donation by Vitalik Buterin, and its impact on a cryptocurrency token.
Vitalik Buterin and MOODENG
Ethereum co-founder Vitalik Buterin has made a donation of 10 million baht ($292,000) to support wildlife conservation efforts at Khao Kheow Open Zoo in Thailand. As part of the donation Buterin is sponsoring a pygmy hippo known as Moo Deng. The donation itself will go towards the wildlife sponsorship project of the zoo.
The news was announced on social media as Khao Kheow Open Zoo posted the news on X. Narongwit Chotchoy, the zoo’s director, expressed gratitude for the generous gesture while also noting Buterin’s commitment to global environmental and educational initiatives.
Back in November Buterin made a visit to the zoo when Thailand hosted Devcon. This is Ethereums flagship conference. His donation will provide Moo Deng and other pygmy hippos with a habitat and also help construct an educational centre dedicated to teaching visitors about pygmy hippos. The donation will be disbursed in two installments of 5 million Baht each, with the first installment processed on the day of the announcement. In his statement, Buterin expressed enthusiasm for supporting wildlife and emphasized his commitment to conservation efforts.
His donation has also had a major impact in the crypto space. MOODENG, a meme-inspired cryptocurrency, saw a staggering 96.85% price surge in just one hour following the donation. MOODENG’s price surged from a daily low of $0.0001228 to its peak of $0.0002412 within just 60 minutes.
Trading volume increased by over 700% in the 24 hours following the announcement. However, many believe it is a movement in the market which will not last. There have been many who are anticipating further price movements in the coin, however, technical indicators suggest that MOODENG may face challenges maintaining its recent gains amidst broader market pressures. It is considered overbought in its current RSI and a correction could be imminent.
Given the major selling pressure on Bitcoin and Ethereum recently, chances are this meme coin will not stand much of a chance. There have been massive sell offs in the market as Bitcoin tries to once again break the $100k mark. Coins such as MOONENG should be cautious of a spill over as the bearish sentiment increases. It price is likely to dip further before stabilising once again.
Have a great day.
Peace. CryptoGod-1.
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