Capitalizing on the buzz surrounding the meme coin, MOODENG, a cryptocurrency trader experienced a remarkable 500-fold surge in their investment within just seven days.
Back on September 10, an unidentified trader kicked off with an $800 wager, dabbling in the MOODENG/SOL pair on the Raydium platform, a Solana-based automated market maker (AMM). According to data shared by the blockchain analysis platform, Arkham, on September 17, the investment catapulted to $400,000 by the end of the week.
The trader initially traded 6 SOL worth around $800 for MOODENG tokens through the decentralized exchange’s platform at a time when MOODENG seemed poised for a routine price spike.
However, buoyed by the viral wave on social media, MOODENG saw an explosive surge, delivering a staggering 500x return on the trader’s initial bet.
Currently, MOODENG is witnessing heightened buying interests, trading at $0.0163 at the moment with a nearly 120% gain in the last 24 hours.
Interestingly, MOODENG derives its name from a baby pygmy hippo at the Khao Kheow Open Zoo in Thailand, which has accrued widespread internet fame, leading to a surge in memes related to it.
The creators of MOODENG have masterfully tapped into the trend of launching meme coins on prominent networks, with Solana emerging as a preferred platform for such ventures due to the success of projects like Bonk (BONK), now ranking as the 59th largest cryptocurrency by market cap.
Traders exploiting the frenzy around viral phenomena to rake in profits is not new. For instance, a trader previously turned $16,550 into a staggering $1.8 million over roughly eight weeks by holding onto their position in First Neiro (NEIRO).
Inspired by Neiro, a Shiba Inu dog associated with Kabosu, the mascot of Dogecoin, NEIRO tokens were introduced in tribute to Kabosu’s adoptive dog Neiro, arousing enthusiasm within the cryptocurrency community.
Nonetheless, the success of trading strategies tied to meme coins is not guaranteed, as exemplified by an investor who saw their $1 million investment in the falsely linked MBAPPE coin plummet to $9,200 within an hour after initially surging on erroneous ties to French footballer Kylian Mbappé.