Cryptocurrency Trader Turns $800 Into $400,000 In One Week

By capitalizing on the meme coin’s momentum, Moo Deng (#MOODENG), a cryptocurrency trader, saw his investment skyrocket 500x in just one week.

On September 10, an anonymous 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 in seven days, data shared by blockchain analytics platform Arkham on September 17 showed.

The trader initially swapped 6 SOL worth around $800 for MOOODENG tokens using the decentralized exchange platform. The swap was initiated when MOONDENG was on the verge of a regular price surge.

However, MOODENG experienced explosive growth within just one week thanks to social media buzz, bringing in 500 times the trader's initial investment.

In the short term, MOODENG is seeing increased buying activity, trading at $0.0163 at press time, reflecting a 24-hour gain of nearly 120%.

Notably, MOODENG is named after a pygmy hippo calf at the Khao Kheow Open Zoo in Thailand that became an internet sensation. Photos and videos of the hippo captivated internet users, leading to a proliferation of related memes.

The creators of MOODENG have tapped into the trend of issuing meme coins on popular networks. Solana, in particular, has become the preferred platform for such projects, thanks to the success of tokens like Bonk (#BONK), which has risen to become the 59th largest cryptocurrency by market capitalization.

Traders profit from viral moments

This isn’t the first time savvy traders have capitalized on meme coins named after viral entities to make a profit. For example, an anonymous trader turned $16,550 into $1.8 million after holding their position for about eight weeks in First Neiro (NEIRO), Finbold reported on Sept. 17.

NEIRO is inspired by Neiro, a Shiba Inu (SHIB) dog related to Kabosu, the Dogecoin (DOGE) mascot who passed away in mid-2024. Notably, Kabosu's owner, Kabosumama, adopted Neiro, leading the crypto community to create the NEIRO token in honor of the dog.

However, not all trading strategies around meme coins have been successful. This trend was highlighted by another investor who placed a $1 million bet on a coin called MBAPPE that fell to $9,200 within an hour. The coin initially rose significantly after being falsely linked to French soccer player Kylian Mbappé.
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