TL;DR
- A trader turned $800 into $400,000 in a week thanks to the memecoin Moo Deng (MOODENG).
- MOODENG skyrocketed after going viral on social media, multiplying its value 500 times.
- Memecoins, while profitable, are highly volatile and risky investments.
A crypto trader managed to turn an initial investment of $800 into $400,000 in just one week, thanks to the rise of the memecoin Moo Deng (MOODENG).
The unidentified crypto investor began their transaction on September 10, 2024, using Raydium, an automated market maker (AMM) platform based on the Solana blockchain. On this occasion, they decided to bet on the MOODENG/SOL trading pair, purchasing MOODENG tokens when the coin was only starting to show signs of what would become an explosive increase in value.
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 memecoin, which was initially in a low-profile state, experienced viral growth on social media, skyrocketing in value and attracting a massive influx of investors. In just seven days, the trader’s initial investment multiplied 500 times, reaching the remarkable sum of $400,000, according to data provided by the blockchain analysis platform Arkham.
The explosive surge behind MOODENG is no coincidence. The cryptocurrency was named after a baby pygmy hippo at the Khao Kheow Zoo in Thailand, which became an internet sensation due to its popularity on social media.
Another Crypto Trader Lost $1 Million on an Mbappe Memecoin
The creators of the memecoin took advantage of this virality to launch MOODENG, following a growing trend where cryptocurrency projects based on memes capture public interest. In particular, the Solana blockchain has been the stage for the launch of several successful memecoins, including Bonk (BONK), which has earned a place among the top cryptocurrencies by market capitalization.
Despite the success of this trader and others who have made significant profits by investing in coins linked to viral trends, this type of strategy carries risks. A recent example is another investor who lost nearly $1 million in a meme coin called MBAPPE. Which initially surged in value after being falsely linked to French footballer Kylian Mbappé, only to plummet within hours.
These types of investments can be highly profitable, but also volatile, as the popularity of meme coins tends to depend on unpredictable and short-lived factors.
