finbold.com
A cryptocurrency investor has taken advantage of the ongoing boom around meme cryptocurrency Moo Deng (MOODENG) to record over 2,500-fold returns on their initial investment.
The gains by the unidentified investor came from an investment of $1,331, which turned into a staggering $3.4 million in a trading initiated on Raydium, an automated market maker (AMM) platform built on Solana (SOL) involving the MOODENG/SOL pair, data shared by Lookonchain indicates.
The trade occurred on September 10, when the trader purchased 38.7 million MOODENG tokens for 9.8 SOL, valued at $1,331. Just two weeks later, on September 25, the value had skyrocketed, pushing the total worth to over $3.4 million, thanks to a sharp rise in the price of MOODENG, powered by the growing virality of the token on social media.
Indeed, MOODENG continues to witness notable growth powered by the meme coin’s community. At press time, the token was trading at $0.0948, surging almost 30% in the last 24 hours.
Thanks to its inspiration, the coin has attracted significant investor interest. MOODENG was named after a baby pygmy hippo at Khao Kheow Open Zoo in Thailand, which has become an internet sensation.
Traders profiting from MOODENG
It’s worth noting that several traders have capitalized on Moo Deng’s virality to register significant profits in a short period. As reported by Finbold, another trader saw their investment of $800 turn into $1.3 million within two weeks.
However, these trades have sparked controversy, with online users speculating that the lucky traders might be the token’s insiders or part of the development team.
Whatever the case with the trade, developers of MOODENG seem to be capitalizing on the growing trend of unveiling meme coins on Solana. The network has emerged as a popular launchpad for meme coins, with popular names like Bonk (BONK) standing out.
Although MOODENG ranks among the few success stories of the current market cycle, not all tokens have seen positive returns. For instance, investors in coins such as MBAPPE have erased almost $1 million from a trader’s investment. Due to their inherent volatility, this highlights the need for thorough research before investing in meme coins.