In the recent cycle of the cryptocurrency market, investors have found success in capitalizing on fleeting viral memes to transform modest sums like hundreds of dollars into substantial gains, even reaching up to millions.
An example of this trend occurred with an individual who acquired the new Moo Deng (MOODENG) meme coin on September 10 for the equivalent of about $800 in Solana (SOL). Within days, the trade escalated in value explosively, getting as high as $400,000 by September 18 and eventually hitting $1.3 million by September 23, multiplying the initial investment more than 1,600 times.
As of the latest update, Moo Deng’s price stands at $0.00001747, marking a substantial 316.50% increase since September 19 when CoinMarketCap began monitoring the coin’s performance.
However, despite its significant success, the MOODENG trade faced scrutiny, with the crypto community expressing mixed reactions to the trader’s quick gains through the Raydium platform on Solana. Speculation arose regarding the trader’s potential insider status or developer connections, casting some doubt on the legitimacy of the trade.
While meme coins like MOODENG have shown remarkable value surges shortly after launch, history indicates that these trends may be short-lived. For instance, the ‘Hawk Tuah Girl’ meme coin experienced a rapid ascent, only to see its popularity wane within weeks. The fleeting nature of such meme-driven frenzies suggests that cashing out early might be prudent, as shown by the decline of coins like Hawk Tuah (HAWKTUAH).
Despite the instances of successful meme coin trades, there have been failures as well, exemplified by the quick depreciation of digital assets such as MBAPPE, which caused a substantial loss for a trader in just one hour. This serves as a reminder that while some investors may strike gold with meme coins, others risk significant losses if they’re not careful about market volatility.