Crypto Trader Transforms 800 into 13 Million within a Fortnight
A significant trend in the current cryptocurrency market cycle has been the remarkable ability of investors to capitalize on fleeting viral memes, transforming modest investments into substantial fortunes.
One of the latest triumphs was recorded by a trader who acquired the newly launched Moo Deng (MOODENG) meme coin on September 10 for 6 Solana (SOL), which was valued at around $800 at that time, according to data from blockchain intelligence platform Arkham as of September 23.
The value of this trade skyrocketed, paralleling the meme’s viral rise. By September 18, the investment surged to an astounding $400,000, and by September 23, it had reached an impressive $1.3 million, meaning the initial stake had expanded over 1,600 times.
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As of the latest update, Moo Deng’s price stands at $0.00001747, reflecting a remarkable increase of 316.50% since CoinMarketCap began tracking its performance on September 19.
**MOODENG Price Chart. Source: CoinMarketCap**
The extraordinary 1,600x MOODENG swap has attracted its share of skepticism. This successful transaction took place on Raydium, an automated market maker (AMM) platform built on Solana, during what would typically be a standard new token pump.
However, the crypto community’s reaction to Arkham’s post detailing the trade has been somewhat mixed. Several commentators speculate that the fortunate trader might be an insider or developer, and while they acknowledge the success of the trade, they contest the label of ‘trader.’
**The MOODENG Trade on September 10, and the Swap’s Performance by September 18. Source: Arkham**
The 2024 cryptocurrency market has seen multiple instances of meme coins experiencing explosive growth shortly after their launch. MOODENG, in particular, appeared promising from the outset. The cryptocurrency drew inspiration from a baby pygmy hippo at the Khao Kheow Open Zoo in Thailand, which has quickly gained popularity, largely due to its undeniable cuteness—a key factor for achieving viral status online.
Another notable example of a meme transforming into a successful coin is the ‘Hawk Tuah Girl,’ whose cryptocurrency surged over 1,300% within its first week.
However, it’s advisable for the fortunate MOODENG trader to consider selling soon, as such trends rarely endure. The Hawk Tuah (HAWKTUAH) coin, for instance, saw its popularity wane just two weeks after its initial spike.
Despite numerous success stories of investments based on trending memes, this cycle has also seen its share of cryptocurrencies that have faltered. A notable case is the digital asset MBAPPE, which led to the loss of nearly $990,000 for one trader in a mere hour.
