MOON trading volume has really increased since it was listed on Kraken and CDC. When a crypto is traded, it is traded in conjunction with another asset. Many cryptos are paired with Bitcoin, Ethereum, or the native token used for gas on the chain.
When a crypto has a trading pair with another crypto, its value increases/decreases when the trading pair increases or decreases in value. There are then bots that trade this small change in value with pairs that in stablecoins. The end result is that when the trading pair value changes it causes a trickle-down effect that causes the price of the crypto to change.
MOON has ~80% of its daily volume in USD/USDT/USDC trading pairs. Since such a high percentage of the volume is not tied to BTC/ETH, there is a minimal impact on the price of MOON caused directly by those crypto's price changing.
Taking this beyond MOON, this is a decent stat to look at when you are DYOR research. If a token is paired with something with high inflation or bad tokenomics, it could drag your token's price down too.
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