An unidentified cryptocurrency trader saw their investment skyrocket 500-fold in just one week by leveraging the momentum around the meme coin, Moo Deng (MOODENG).
On September 10, the trader placed an initial bet of $800, trading the MOODENG/SOL pair on Raydium, an automated market maker (AMM) platform built on Solana (SOL). According to data shared by blockchain analysis platform Arkham on September 17, this investment turned into a staggering $400,000 within seven days.
“The trader initially swapped 6 SOL, valued at approximately $800, for MOODENG tokens using the decentralized exchange’s platform,” Arkham reported. “The swap was initiated when MOODENG was on the brink of what appeared to be a typical pump.”
Trader turns $800 into $400K on MOODENG
The top holder of MOO DENG, named after the viral Thai baby hippo, bought 6 SOL of the token as it left pump fun.
After only a week, his stack is now worth $400K.
That’s 500x. pic.twitter.com/brNSVjs0lW
— Arkham (@ArkhamIntel) September 17, 2024
The explosive surge in MOODENG’s value was inspired by social media virality, yielding a 500x return on the trader’s original investment. As of now, MOODENG is witnessing increased buying activity, trading at $0.0163, reflecting a 24-hour gain of almost 120%, reported Finbold.
MOODENG, named after a baby pygmy hippo at Khao Kheow Open Zoo in Thailand, has become an internet sensation. The hippo’s photos and videos have captivated internet users, leading to a surge in related memes. The creators of MOODENG have tapped into the rising trend of launching meme coins on popular networks, with Solana becoming a favored platform for such projects.
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