A new cryptocurrency known as Moonbag (MBAG) has recently gained much attention within the social media and cryptocurrency communities in the last week. The coin which was launched only 10 days ago has already appreciated by more than 1000% due to hype and viral marketing.

Moonbag is an Ethereum-based ‘community-driven meme coin’. It is named after the crypto slang term ‘moonbag’, which is used to describe a large position in a specific coin that an investor believes will soon skyrocket. The developers of the project, who remain anonymous, claim that they launched MBAG as a ‘fun and inclusive way for anyone to potentially get their own moonbag.’

The coin skyrocketed when several Twitter and TikTok influencers in the crypto space started posting about MBAG to their followers. Videos and posts with the tag #MoonbagMillionaire have garnered millions of views, people sharing memes about making money fast and telling others to hurry up and invest.

MBAG’s price soared from $0. 000001 to $0. 00001 within 48 hours only as the trading volume increased massively. It has since then been constant at $0. 000008, making the project’s market capitalization more than $80 million. The coin is currently in the top 300 coins in the market with regards to market capitalization as seen in CoinGecko.

People have been quick to dismiss Moonbag as yet another pump and dump scheme in the highly unstable crypto space. They argue that the project does not have a clear application or even a new technology, and the value is being pushed by hype and FOMO.

”This is the classic case of the greater fool theory at work,” said crypto analyst Sarah Chen. “People are buying MBAG not because they understand the value of its assets, but because they expect to be able to sell it to somebody else at a higher price. It is a very risky strategy that will most probably lead to losses for a majority of investors.”

Yet, the people who are invested in MBAG, the holders, claim that the coin is valuable because of its meme potential and the fact that it has gone viral. They argue that the project is attracting new people to the crypto space and that it is creating a kind of community among the investors.

”Moonbag is not just about the profit, it is about being a member of a community,” said the user CryptoMoonMan on Reddit. ”The memes, the inside jokes, the shared dream of hitting it big – that is the essence of what makes this community so great.”

The Moonbag team has seized on this sentiment by releasing a range of merchandise, including t-shirts and hats featuring rocket ship emojis and phrases like ‘Wen Moon?’ They have also indicated their intention to release NFTs and play-to-earn games based on the MBAG ecosystem.

With the popularity of Moonbag rising, people have also raised questions about the company’s opacity. The identities of the project’s founders are not disclosed, and there is scant information on how MBAG tokens are distributed, or the team’s vision for the project’s future.

Some of the largest crypto exchanges have opened the trading of MBAG due to the increased interest from the public. But some of the platforms have included notes that the coin is highly risky and the investors should be cautious.

There has been no official comment from regulatory authorities such as the U.S. Securities and Exchange Commission (SEC) on Moonbag, however, they have issued several advisory notices regarding the risks of investing in cryptocurrencies and especially in so-called meme coins.

However, all these worries do not seem to be stopping the Moonbag phenomenon from continuing to rise. More and more groups are being created for the coin on Discord, Telegram and other social media platforms on a daily basis. Some MBAG holders have also been meeting physically in different cities of the world to celebrate their love for the game.

The swift growth of Moonbag underlines that there is still strong demand amongst investors, especially the younger ones, for highly speculative coins in the crypto market. It also shows how social media and memes can influence financial markets in the age of the internet.

As the Moonbag saga continues to unfold, observers are left wondering: This is the birth of the next Dogecoin-like success story or just another bubble that will burst soon? As with all things, only time will tell, but what is for sure is that the people of the cryptosphere will be watching intently as this rocket ship takes off. For now, the Moonbag holders are keeping their fingers crossed, waiting for their digital tokens to become what the project is named after.