Cryptocurrency Trader Transforms $800 Into $400,000 Within a Week

Taking advantage of the hype surrounding the meme token, cryptocurrency enthusiast Moo Deng (MOODENG) witnessed their financial stake balloon by 50,000% in merely seven days.

An anonymous investor plunged $800 into the MOODENG/SOL pair on the Solana-based Raydium AMM platform on September 10, with their investment remarkably swelling to $400,000 a week later, according to a report from blockchain analytics company Arkham revealed on September 17.

To commence their trading venture, the investor exchanged 6 SOL, worth roughly $800, for MOODENG tokens on the decentralized exchange. They capitalized on MOONDENG’s edge at the start of a surge that bore all the hallmarks of a pumping scenario.

Subsequently, MOODENG underwent a remarkable rally, propelled by widespread social media buzz, culminating in a meteoric 500-fold return on the original stake.

Presently, MOODENG showcases a spike in purchase interest, with a trading price of $0.0163, signifying nearly a 120% rise in the past 24 hours.

Interestingly, MOODENG takes its moniker from a Thai zoo celebrity, a baby pygmy hippo at Khao Kheow Open Zoo whose charm has gone viral online, fueling the spread of memes.

MOODENG is part of a growing wave of meme coin creations riding on the back of popular blockchain networks like Solana, a platform that has previously hosted the likes of Bonk (BONK) which ascended to become the 59th top cryptocurrency by market capitalization.

Capitalizing on viral trends for profit

Meme coins inspired by viral phenomena have netted savvy investors significant earnings before. As an illustration, an investor turned $16,550 into $1.8 million in the span of two months by holding onto First Neiro (NEIRO), as Finbold covered on September 17.

NEIRO drew inspiration from Neiro the Shiba Inu (SHIB), related to the deceased mascot for Dogecoin (DOGE), Kabosu. Following the dog’s adoption by Kabosumama, Kabosu’s owner, NEIRO tokens emerged as a tribute within the crypto space.

Nevertheless, investments in meme coins are not always fruitful, as underscored by another trader whose $1 million wager on a coin named MBAPPE diminished to just $9,200 within 60 minutes, after a rapid pump due to a false association with the soccer star Kylian Mbappé.

Disclaimer: This website’s content is not to be taken as investment counsel. All investments involve speculation, and your invested capital is at risk.