One savvy trader reportedly turned a $1,331 investment into an astonishing $9.5 million in just 16 days into MOODENG MOODENG/USD, a meme coin that is quickly gaining traction in the space. Achieved 7,140x return on initial investment.
What happened: MOODENG, a Solana SOL/USD-based token, is currently trading with a market cap of around $205 million, up from Saturday’s high of $339 million, according to data from DexScreener. It has been decreasing since.
The token’s meteoric rise in value was driven by the viral popularity of its namesake, Moo Deng, the Thai zoo’s adorable baby hippo.
According to a report by blockchain analysis firm Lookonchain, the trader invested 9.8 soles (equivalent to $1,331) to acquire 38.7 million MOODENG tokens on September 10th.
In a recent partial exit, the investor sold 104,000 MOODENG for 112 SOL ($17,900) while retaining most of his position.
The remaining 38.64 million MOODENG tokens are now worth over $9.5 million, marking the explosive growth of the token in just two weeks.
Also read: From Binance’s Zhao to Silk Road’s Ulbricht: Meet the crypto tycoons who racked up 272 years in prison
Why it matters: Last week, another trader made $392,200 in profit through another initial investment in Memecoin.
The rise of MOODENG comes amid a broader resurgence in the meme coin market. Dogecoin and Shiba Inu have both experienced significant gains recently. In September, Dogecoin soared 19% and Shiba Inu rose 32%, driven by renewed interest and social media buzz.
These developments set the stage for MOODENG’s impressive performance as investors look for the next big meme coin in the so-called “meme coin supercycle.”
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