In a remarkable display of market savvy, a trader has reportedly turned a seemingly insignificant $1,331 investment into a staggering $9.5 million in just 16 days. This incredible feat was achieved through an early investment in MOODENG, a meme coin that has experienced explosive growth in a short period.
MOODENG, a Solana-based token, is currently trading with a market capitalization of around $205 million, although it reached a peak of $339 million on Saturday. The token’s meteoric rise can be attributed to the viral popularity of its namesake, Moo Deng, an adorable baby hippo from a Thailand zoo that captured the hearts of internet users.
Blockchain analytics firm Lookonchain revealed that the trader invested 9.8 SOL (equivalent to $1,331) to purchase 38.7 million MOODENG tokens on September 10. In a recent partial exit, the investor sold 104,000 MOODENG for 112 SOL ($17,900), retaining the majority of their holdings. The remaining 38.64 million MOODENG tokens are now valued at over $9.5 million, showcasing the token’s extraordinary growth in just two weeks.
This impressive success story isn’t an isolated incident. Last week, another trader capitalized on the early hype surrounding MOODENG, realizing a profit of $392,200 from their investment in the meme coin.
The emergence of MOODENG coincides with a broader resurgence in the meme coin market. Dogecoin and Shiba Inu, two prominent meme coins, have both experienced significant gains recently. Dogecoin surged 19% and Shiba Inu rose 32% in September, driven by renewed interest and buzz on social media.
These developments have paved the way for MOODENG’s impressive performance, as investors seek the next big meme coin in the so-called “memecoin supercycle.” The remarkable gains achieved by these traders serve as a testament to the potential rewards, and the inherent risks, associated with the volatile world of meme coins.
