An undisclosed individual who invested in the meme cryptocurrency Moo Deng (MOODENG) during its recent surge experienced an incredible return of over 2,500 times on their initial investment. This remarkable feat was achieved through a trading activity conducted on Raydium, a Solana-based automated market maker platform, as reported by Lookonchain data. The investor put in $1,331 and witnessed it grow exponentially to a staggering $3.4 million within a short period.
The trade took place on September 10, where the investor acquired 38.7 million MOODENG tokens for 9.8 SOL, equivalent to the initial investment amount. By September 25, just two weeks later, the value had soared significantly, leading to the substantial increase in the total investment value to over $3.4 million. The surge in MOODENG’s price was attributed to its increasing popularity on social media platforms.
The continuous growth of MOODENG can be credited to its enthusiastic community, with the token currently trading at $0.0948, marking a nearly 30% increase in value over the past 24 hours. The coin drew considerable investor attention due to its origins from a baby pygmy hippo at Khao Kheow Open Zoo in Thailand, which became an online sensation.
Several traders have leveraged the viral status of Moo Deng to generate significant profits within a short timeframe. While these trades have raised speculations regarding potential insider trading, the developers seem to be taking advantage of the trend of launching meme coins on Solana, a network renowned for being a popular platform for such ventures. Despite MOODENG’s success story, caution is advised as not all meme coins yield positive returns, highlighting the importance of thorough research before investing in such volatile assets.