A crypto investor turned $1,331 into $12.45M in 17 days by investing in Moo Deng memecoin.
Moo Deng saw an 865% surge, reaching a market cap of $317M.
Liquidity concerns arise due to the memecoin's $1.8M liquidity pool, limiting large cash-outs.
A crypto investor has made significant profits by identifying a new opportunity in the cryptocurrency market. This investor managed to turn a modest $1,331 investment into a staggering $12.45 million in just 17 days, all through the newly launched Moo Deng Memecoin. The impressive gain was revealed in a Lookonchain X post, shedding light on the rapid growth of this memecoin in the market.
https://twitter.com/lookonchain/status/1839690933891420271 Rapid Rise of Moo Deng Memecoin
Notably, the Moo Deng memecoin, inspired by a popular internet meme of a baby hippo, has gained substantial traction in the market since its launch. The memecoin saw an 865% surge over the past week, and the investor was quick to take advantage of this momentum.Â
According to the Lookonchain post, the investor bought 38.7 million MOODENG tokens with 9.8 Solana tokens, worth approximately $1,331. On September 27, 16 days after the purchase, the tokens reached a value of $12.45 million, resulting in a 9359x return.
Besides, this rapid price increase and heavy demand for the token were boosted by its listing on prominent crypto exchanges, including Raydium. The memecoinâs market capitalization reached $317 million, while the trading volume hit $188.9 million, highlighting its growing popularity.
Profits Amid Concerns
Despite the investorâs enormous profits, concerns about the liquidity of Moo Deng have been raised. The memecoin has a limited liquidity pool of $1.8 million, which makes cashing out large amounts difficult.Â
Consequently, some market observers are questioning whether the investor could be involved in insider trading. The memecoin's swift rise and the high returns are notable, but the liquidity issues raise concerns about the future sustainability of such investments.
Additionally, other investors have reported significant gains from the Moo Deng memecoin. Another trader turned $800 into $400,000, further cementing the tokenâs current popularity. However, these profits also point to potential risks in such fast-rising investments, where liquidity and volatility play major roles.
Future Implications for Memecoins
Notably, the success of the Moo Deng memecoin highlights the growing trend of investors looking to capitalize on the memecoin market. While it is still in its early stages, the rapid rise of Moo Deng demonstrates the potential for quick profits.Â
However, the limited liquidity and concerns surrounding insider trading point to the risks involved in such ventures. As more investors turn their attention to memecoins, the crypto market could see further developments in both opportunities and challenges.
The post Investor Turns $1.3K Into $12.45M in 16 Days Through Moo Deng Memecoin appeared first on Crypto News Land.