A major feature of the current cryptocurrency market cycle has been the repeated success of investors seeking to take advantage of temporarily viral memes to turn hundreds of dollars into thousands if not millions.
The latest such success was achieved by a trader who purchased the new Moo Deng (MOODENG) meme coin on September 10 for 6 Solana (SOL) â worth approximately $800 at the time â per data gathered by Finbold from blockchain intelligence platform Arkham on September 23.
The trade quickly exploded in value, as did the virality of the meme on which it was based. By September 18, the trade rocketed to $400,000 in value, and by press time on September 23, it surged up to $1.3 million â meaning the original investment was multiplied more than 1,600 times in value.
Moo Dengâs price today, at press time, stands at $0.00001747 after rising 316.50% since September 23 , the day CoinMarketCap began tracking the meme coinâs performance.
The 1,600x MOODENG swap not without critics
The highly successful swap was executed on Raydium, an automated market maker (AMM) platform built on Solana, on the eve of what would have been, under more normal circumstances, a common new token pump.
The crypto community, however, had a somewhat mixed reaction to the X post in which Arkham shared the details of the trade. Indeed, multiple commentators appear convinced that the lucky trader is an insider or a developer and have, despite acknowledging the success of the maneuver, taken exception to them being called a âtrader.â
