A savvy trader has reportedly transformed a $1,331 investment into an astounding $9.5 million in just 16 days, achieving a 7,140x return from an early investment in MOODENG MOODENG/USD, a meme coin that has rapidly gained traction in the space.
What Happened: MOODENG, a Solana SOL/USD-based token, is currently trading around a market capitalization of $205 million, down from its Saturday peak of $339 million, according to data from DexScreener.
The token’s meteoric rise in value was caused by the viral popularity of its namesake, Moo Deng, an adorable baby hippo from a Thailand zoo.
Blockchain analytics firm Lookonchain reported the trader invested 9.8 SOL (equivalent to $1,331) to acquire 38.7 million MOODENG tokens on Sep 10.
In a recent partial exit, the investor sold 104,000 MOODENG for 112 SOL ($17,900), while maintaining the majority of their position.
The remaining 38.64 million MOODENG tokens are now valued at over $9.5 million, highlighting the token’s explosive growth over just two weeks.
Why It Matters: Last week, another trader had profited $392,200 through another early investment in the meme coin.
The rise of MOODENG comes amid a broader resurgence in the meme coin market. Dogecoin and Shiba Inu have both experienced significant gains recently. Dogecoin surged 19% and Shiba Inu rose 32% in September, driven by renewed interest and social media buzz.
These developments have set the stage for MOODENG’s impressive performance, as investors look for the next big meme coin in the so-called “memecoin supercycle.”
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