How do exchanges accommodate the "MOODENGs"?
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How do exchanges accommodate the "MOODENGs"?
Where this wave of meme traffic will flow next, the market may gradually provide the answer.
Navigating Web3 tides with focused insights
In September, an adorable hippopotamus named Moo Deng swept across social media and made headlines worldwide. The two-month-old hippo from Thailand's Khao Kheow Open Zoo quickly rose to fame thanks to its distinctive looks and hilarious videos, becoming the internet’s newest sensation.
Unsurprisingly, this viral wave caught the attention of the crypto community. A namesake meme project launched on the Solana blockchain on September 11. Within a week, its market cap steadily climbed to around $5 million. Soon after, numerous variants of "MOODENG" began emerging across major chains—including different capitalizations on SOL, Tron, Base, and ETH.
The original MOODENG token has now been listed on multiple exchanges including HTX, MEXC, BitMart, LBank, and XT.COM. LBank was the first to list the token at 12:30 PM on September 18, followed by MEXC and XT.COM at 12:00 PM on September 19; BitMart at 10:00 PM on September 21; and HTX at 9:00 PM on September 23. Taking LBank—the earliest listing platform—as an example, the token achieved a peak increase of 1,856.40% as of writing. Other exchanges that listed later also saw significant gains. Judging from the price charts and listing times, it is clear that for the same token, earlier listings offer greater profit potential for users on those platforms.
The rise of the celebrity hippo Moo Deng has added another niche to the meme coin space—internet fame. Crypto investors now need more than just insights into Elon Musk’s tweets or Donald Trump’s statements—they must also understand the traffic dynamics of TikTok and Instagram to gain an edge in this competitive landscape.
In fact, judging from recent listing strategies adopted by many exchanges, memes have once again become the biggest source of traffic amid a generally weak backdrop of compelling crypto narratives. Many platforms now view meme coins as an effective way to drive user engagement and earn goodwill within the community. Binance, for instance, has listed spot and futures contracts for multiple meme projects over the past month—including BRETT, DOGS, POPCAT, and NEIRO—and even launched three meme tokens in a single day.
Exchanges such as HTX, LBank, MEXC, Gate.io, and XT.COM shown in the image are also fiercely competing for meme-related traffic. Clearly, when the crypto market faces liquidity crises, meme coins reemerge as saviors, reviving a gold rush-like fervor with strong market performance.
It's widely understood that the value of meme tokens is rarely based on technological innovation or practical use cases, but rather stems from collective belief and consensus within the community. Members form emotional connections through meme culture, creating a sense of belonging. This strong emotional bond motivates holders to promote the token and remain committed long-term. A robust meme community can continuously boost a token’s visibility and demand through viral outreach. Dogecoin, for example, started as a joke but evolved into one of the mainstream cryptocurrencies thanks to active community promotion.
The get-rich-quick effect—the inherent allure and core expectation behind meme coins—is the primary driver keeping community members engaged and enthusiastic, and it's precisely what exchanges look for when listing new tokens. In summary, as liquidity in the crypto market continues to tighten, meme coins are increasingly becoming a vital tool for exchanges to attract users and stimulate market activity. Especially during volatile markets, the promise of rapid wealth not only draws in speculators but also pushes exchanges to aggressively list such projects, leveraging the viral power of meme culture to gain broader community support and positive reputation.
Ultimately, where this wave of meme-driven traffic will settle may gradually be revealed by the market itself.
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