A crypto trader saw massive returns after investing in Moo Deng (MOODENG), a meme coin inspired by a baby hippo.
A trader experienced an extraordinary return on investment after leveraging the growing interest around Moo Deng (MOODENG), a meme coin named after a baby pygmy hippo. The crypto trader saw their $800 investment transform into $400,000 within just seven days.
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
Initial Moo Deng Investment
The investment was made on September 10, when the trader traded the MOODENG/SOL pair on Raydium, a decentralized exchange (DEX) built on the Solana blockchain. The trader initially swapped 6 SOL, worth around $774 per the current price, for MOODENG tokens.
The rapid appreciation of the investment, as reported by blockchain analysis platform Arkham, occurred over a short span, culminating in a $400,000 value by September 17.
From Meme to Market Surge
Notably, MOODENG derives its name from a baby pygmy hippo at Thailand’s Khao Kheow Open Zoo. The hippo’s rise to internet fame has driven the coin’s popularity, as the creature became an online sensation through viral memes.
The coin’s creators have capitalized on this trend, following in the footsteps of other successful meme coins launched on Solana. Notably, Solana has seen a surge in meme coin projects, with tokens like dogwifhat (WIF) gaining significant attention. Several investors have leveraged this growing trend to secure similar gains from other meme coins such as SILLY.
MOODENG’s Current Market Activity
At this writing, the MOODENG/SOL DEX pair trades at approximately $0.01657 on Raydium. Over the past 24 hours, the price of the MOODENG/SOL pair has risen by 77.51%, with a peak price of $0.02417 and a low of $0.01441.
This period saw a trading volume of $10.78 million, with 27,261 buy transactions and 15,865 sell transactions recorded. Additionally, the volume of buy orders reached $5.42 million, slightly surpassing the $5.36 million in sell orders.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
