By leveraging the momentum around the meme coin, Moo Deng (MOODENG), a cryptocurrency trader, saw their investment skyrocket 500-fold in just one week.
On September 10, the unidentified trader placed an initial bet of $800, trading the MOODENG/SOL pair on Raydium, an automated market maker (AMM) platform built on Solana (SOL), with the investment turning into $400,000 seven days later, data shared by blockchain analysis platform Arkham on September 17 indicates.
The trader initially swapped 6 SOL valued at approximately $800 for MOODENG tokens using the decentralized exchange’s platform. The swap was initiated when MOONDENG was on the brink of what appeared to be a typical pump.
However, MOODENG experienced an explosive surge within a week inspired by social media virality, yielding a 500x return on the trader’s original investment.
MOODENG one-day price chart. Source: Arkham
In the short term, MOODENG is witnessing increased buying activity trading at $0.0163 as of press time, reflecting a 24-hour gain of almost 120%.
MOODENG one-day price chart. Source: CoinMarketCap
Notably, MOODENG was named after a baby pygmy hippo at Khao Kheow Open Zoo in Thailand, which has become an internet sensation. The hippo’s photos and videos have captivated internet users, leading to a surge in related memes.
The creators of MOODENG have tapped into the rising trend of launching meme coins on popular networks. Solana, in particular, has become a favored platform for such projects, thanks to the success of tokens like Bonk (BONK), which has risen to become the 59th largest cryptocurrency by market cap.
Traders profiting from viral moments
This is not the first time savvy traders have leveraged meme coins named after viral entities to make a profit. For example, an unidentified trader turned $16,550 into $1.8 million after holding their position for about eight weeks in First Neiro (NEIRO), Finbold reported on September 17.
NEIRO was inspired by Neiro, a Shiba Inu (SHIB) dog linked to Kabosu, the Dogecoin (DOGE) mascot that passed away in mid-2024. Notably, Kabosumama, Kabosu’s owner, adopted Neiro, leading the cryptocurrency community to create NEIRO tokens in its honor.
However, not all trading strategies around meme coins have been successful. This trend was highlighted by another investor whose $1 million bet in a coin dubbed MBAPPE plunged to $9,200 within an hour. The token initially surged significantly after being falsely linked to French footballer Kylian Mbappé.
