Savvy Trader Turns $1.3K Investment into $9.5M in 16 Days, Betting on the Next Big Meme Coin
- Linda HamiltonOriginal
- 2024-10-01 01:20:15616browse
MOODENG, a Solana SOL/USD-based token, is currently trading around a market capitalization of $205 million.
A savvy cryptocurrency trader has reportedly managed to turn a small investment of $1,331 into an astonishing $9.5 million in just 16 days, thanks to an early bet on the meme coin MOODENG.
According to data from blockchain analytics firm Lookonchain, the trader's remarkable achievement came as MOODENG's price soared over 7,140x since its launch on a decentralized exchange.
Here's a closer look at the key details:
MOODENG, a Solana-based token named after a baby hippo from Thailand, is a meme coin that has quickly gained traction in the crypto space.
As of Monday morning, MOODENG's market capitalization stood at about $205 million, down from a peak of $339 million on Saturday, according to DexScreener.
The token's popularity has been largely driven by the viral fame of its namesake, Moo Deng, a seven-month-old hippopotamus calf at a zoo in Thailand.
Now, a savvy trader has reportedly achieved a 7,140x return on an early investment in MOODENG.
As reported by blockchain analytics firm Lookonchain, the trader initially invested 9.8 SOL (around $1,331) on Sep 10 to acquire 38.7 million MOODENG tokens.
In a recent partial exit, the investor sold 104,000 MOODENG for 112 SOL ($17,900), while they still held on to the majority of their MOODENG tokens.
With MOODENG's price currently at 245 SOL, the remaining 38.64 million MOODENG tokens are now valued at over $9.5 million.
Last week, another trader was reported to have profited $392,200 from an early investment in the meme coin.
The rise of MOODENG comes amid a broader resurgence in the meme coin market, with Dogecoin and Shiba Inu both seeing significant gains.
Dogecoin surged 19% and Shiba Inu rose 32% in September, driven by renewed interest and social media buzz.
These trends have set the stage for MOODENG's impressive performance, as investors continue to seek out the next big meme coin in the so-called "memecoin supercycle."
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