Through the hype surrounding the meme coin MOODENG, a cryptocurrency trader experienced a staggering 500-fold increase in their investment within a week. The trader, whose identity remains unknown, initially wagered $800 on September 10 by trading the MOODENG/SOL pair on the Raydium platform, which operates on Solana. Data shared by the Arkham platform on September 17 revealed that the investment had grown to $400,000 in just seven days.
The trader initially exchanged 6 SOL, valued at around $800, for MOODENG tokens on the decentralized exchange platform. While the trade began when MOODENG seemed to be on the brink of a typical pump, the coin witnessed a remarkable surge within a week due to its viral presence on social media, resulting in a 500x return on the trader’s initial investment.
MOODENG’s price saw a significant rise to $0.0163 at the time of reporting, indicating a 24-hour gain of nearly 120%. The coin’s name is inspired by a baby pygmy hippo at the Khao Kheow Open Zoo in Thailand, a viral sensation that has captured the internet’s attention with its photos and videos, leading to a surge in related memes.
The creators of MOODENG have capitalized on the trend of launching meme coins on popular platforms, with Solana emerging as a preferred network for such projects, following the success of tokens like Bonk (BONK), currently ranked as the 59th largest cryptocurrency by market capitalization.
Traders have been successful in capitalizing on viral moments by investing in meme coins named after popular entities, as seen with a trader who turned $16,550 into $1.8 million in about eight weeks through the coin First Neiro (NEIRO), inspired by Neiro, a Shiba Inu dog associated with Kabosu, the Dogecoin mascot. However, not all trading strategies involving meme coins have been fruitful, with instances like the rapid loss of value in the coin MBAPPE, linked falsely to footballer Kylian Mbappé.
Please note that the content provided does not constitute investment advice, and investing always carries risks.