In a remarkable turn of events, a crypto trader has turned an initial $800 investment into a staggering $3.5 million. The trader made this fortune purchasing MOO DENG (MOODENG), a recently launched memecoin on the Solana blockchain.
Crypto Trader Capitalizes on New Solana Memecoin
The crypto trader invested just four hours after the memecoin’s launch, riding the viral wave of the Thai baby hippo mascot that has been trending on social media platform X (formerly Twitter). Considering the initial investment of $800, the investor made a 4,375x profit as of yet.
TRADER TURNS $800 INTO $3.5M
The trader who purchased $800 of MOO DENG 4 hours after launch has doubled again. He is now worth $3.5M, as the Thai baby hippo continues to go viral on X.
He still hasn’t sold anything yet.
Will he ever sell? https://t.co/CzTdVqmANA pic.twitter.com/zxlsXPjRId
— Arkham (@ArkhamIntel) September 26, 2024
However, despite the meteoric rise in value, the trader has yet to sell any of his holdings. This leaves many in the crypto community to speculate on how far the coin’s value may rise. Also, concerns of a market dump ensued in case the trader decided to sell their holdings in future.
In another case of missed opportunity, another crypto trader who bought 19.4 million MOODENG for 1.5 SOL (roughly $203.50) sold his holdings for a modest profit of $835. However, had he held onto his tokens, they would now be worth approximately $2.65 million—a mind-blowing return of more than 13,000x.
MOODENG Price Rally
MOODENG’s rapid price surge is fueled by its viral success and the growing fascination with memecoins in the crypto world. Meme tokens are often unpredictable but capable of delivering massive gains for early investors. Moreover, many investors are now watching closely to see whether the memecoin trend will continue to push MOODENG higher or if a market correction is imminent.
At press time, the MOODENG crypto price skyrocketed by 34.7% to $0.1585 on Thursday, September 24. Whilst, the market capitalization soared to a staggering $155.33 million amid the rally.
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Source: https://www.cryptonewsz.com/crypto-trader-profits-solana-memecoin/