Moo Deng (MOODENG), a meme coin based on Solana, has taken the lead in the recent cryptocurrency market upsurge, surpassing the performance of the top 1000 cryptocurrencies within a day with a trading volume exceeding $1 billion.

The meme coin has witnessed a significant surge in its price, experiencing a triple-digit increase over the past week.

Leveraging the popularity of a baby pygmy hippo, MOODENG saw a substantial surge following its launch in September 2024, reaching a market capitalization of over $100 million within weeks due to internet hype.

Although it reached an all-time high (ATH) in November, MOODENG went through a prolonged decline, with its market cap dropping to around $20 million by early April.

However, the meme coin is now showing signs of a strong recovery, with data from BeInCrypto indicating a 612.3% price appreciation over the past week, fueled by consecutive price surges since last Thursday.

In the last 24 hours alone, MOODENG has surged by 104.3%, trading at $0.24, marking its highest price in over four months.

This remarkable price movement has propelled MOODENG to become the most trending token on CoinGecko and secure the top position on the top gainer chart.

Additionally, the market capitalization has exceeded $100 million once again, standing at $263.8 million as per the latest data, driving heightened investor interest and increased trading activity.

Notably, MOODENG's daily trading volume has spiked to $1.2 billion, a 325.8% increase, with Coinbase accounting for 27% of the total volume, indicating strong involvement from US traders.

On-chain data from Solscan reveals a remarkable surge in total buy volume on decentralized exchanges (DEXs), increasing by 8,201% week-over-week, reaching $14.9 million at present.

Noteworthy is the growing interest from strategic investors, with $194,000 being invested by smart money into MOODENG on May 10, contributing to its momentum.

The recent listing of the token on Binance Alpha has also attracted significant attention from retail investors, evident from the rising search interest for "MOODENG" on Google Trends, which peaked at 100, suggesting a surge in online attention and the potential for further viral momentum.