The largest holder of Solana-based meme coin Moo Deng (MOODENG) recently accumulated 11 million tokens, even as the coin’s price fell by 45%. This bold move raises questions about whether a price recovery is in sight.
Largest Holder Accumulates More MOODENG
Data from Arkham Intelligence revealed that MOODENG’s largest holder withdrew 11.8 million tokens, worth $5.37 million, from Gate.io. These tokens were transferred to a private wallet, which now holds 104 million MOODENG, valued at $38.62 million.
Such moves often signal that the holder does not plan to sell soon. However, this doesn’t guarantee an immediate price rebound, especially given the bearish market sentiment around MOODENG.
User Activity Declines Despite Accumulation
While the largest holder’s confidence is noteworthy, on-chain metrics tell a different story. Data from Santiment shows a steep drop in Moo Deng’s daily active addresses, which measure user participation in transactions.
Typically, growing active addresses indicate rising interest, which supports price increases. In contrast, the current decline suggests reduced user engagement, adding downward pressure on the token.
MOODENG Price Prediction: Bearish Trends Persist
On the 4-hour chart, MOODENG is trading within a descending triangle, a bearish pattern marked by a sloping upper trendline and flat support. This suggests growing selling pressure, with a potential breakdown below the $0.34 support level.
Scenarios to Watch:
- Bearish Case: If the price breaks below $0.34, further declines are likely.
- Bullish Case: Additional accumulation by large holders could trigger a rebound toward $0.56.
Conclusion
Moo Deng’s largest holder may be betting on a price recovery, but declining user activity and bearish chart patterns signal caution. For a sustained rebound, MOODENG needs both increased user engagement and strong accumulation by major stakeholders.
