The market cap of the Solana-based meme coin Moo Deng (MOODENG) has topped $600 million. This comes after a remarkable 40% price jump in just 24 hours. The coin's value has now reached an all-time high of $0.63.

Interestingly, this surge happened while the broader market was moving sideways. It seems Moo Deng has broken away from the usual trends.

On November 14, Moo Deng's market cap was under $300 million. But as interest in this hippo-themed meme coin grew, the price shot up from $0.35 to $0.62. This price increase directly impacted the market cap, which is calculated by multiplying the circulating supply by the current price. According to Santiment, the market cap now stands at $625 million.

The rise of MOODENG to a new high might be linked to the growing buzz around hippo-themed meme coins. For instance, Binance recently added sudeng (HIPPO), a meme coin created on the Sui blockchain, to its listings. The excitement around HIPPO has spilled over to MOODENG, as it inspired the creation of the new coin.

On-chain data also shows a significant increase in the token's social dominance. This term refers to how much discussion a specific asset generates compared to others. A rise in social dominance means more conversations are happening about MOODENG than about other top cryptocurrencies. Conversely, a drop would indicate that attention is shifting elsewhere.

In the case of MOODENG, the increase in social dominance reflects a growing interest in the market. If this trend continues, we could see both trading volume and price climb even higher.

Looking at the 4-hour chart, MOODENG's price has moved above key Exponential Moving Averages (EMAs). When the EMA is below the price during an uptrend, it acts as a support level. If the EMA is above during a downtrend, it serves as resistance.

Currently, the 20 EMA (in blue) and 50 EMA (in yellow) suggest that MOODENG's price may keep rising. If these indicators stay below the coin's value, we might see the price hit $0.70, bringing Moo Deng's market cap closer to $1 billion.

However, if the momentum fades, the anticipated price movement might not happen. Instead, we could see a potential decline in the double digits.