He bought the hippo meme coin MOODENG and made over NT$100 million
According to foreign media "Finbold", on-chain analyst Lookonchain pointed out this morning (26th) that an anonymous trader turned a principal of US$1,331 (approximately NT$42,000) into 3.4 million in just 15 days. USD (approximately NT$107 million), with a profit of more than 2,500 times due to the purchase of the hippopotamus meme coin Moo Deng ($MOODENG).
Lookonchain said that on September 10, the trader purchased 38.7 million $MOODENG coins for 9.8 $SOL (worth $1,331). Just two weeks later, $MOODENG surged, sending the value of its position soaring to $3.4 million on September 25.
Source: Lookonchain trader bought meme currency MOODENG and made over NT$100 million
The reason for the surge in $MOODENG coins is related to current events in Thailand. Moo Deng, a small pygmy hippopotamus at the local zoo (Khao Kheow Open Zoo), recently became popular on the community, which in turn promoted the hype of $MOODENG coins.
The decentralized exchange Raydium market shows that $MOODENG is quoted at $0.1060, an increase of more than 30% in 24 hours, and the market value has reached $106 million.
Source: Dexscreener meme coin MOODENG price trend
Another trader also made huge profits, but was questioned as an insider.
Another trader also made a killing on $MOODENG, turning $800 (about NT$25,000) into $1.3 million (about NT$41 million) in two weeks.
However, these staggering gains have also sparked controversy. Some netizens questioned whether these lucky traders may be insiders or members of the development team that issued the tokens, indicating that they were only trading on the inside.
Trading meme coins is risky and needs to be treated with caution
While $MOODENG’s success story is impressive, not all meme coins deliver positive returns. For example, one trader lost nearly $1 million by investing in the meme coin $MBAPPE, highlighting the high volatility and risk of the meme coin market.
Investors should also be careful about the "survivor bias" mentality, which is a logical fallacy that occurs when people pay too much attention to successful cases and ignore failure cases, and they will draw wrong conclusions.
For example, when you see the news that many people have become rich through meme coins, you mistakenly believe that buying meme coins will definitely make you rich, and you become overly optimistic and confident. However, if you do not conduct comprehensive research on the transaction target and proper risk management, you may make wrong decisions.
"Crypto City" previously reported that the meme currency Normie ($NORMIE) on the Base blockchain once attracted much attention, but suddenly plummeted 99% after suffering a serious attack.
One trader spent $1.16 million buying $NORMIE and never sold, resulting in the value of his position being wiped out to almost zero. This case reminds us that not every investor can be a lucky one in the meme currency market.
Further reading: FOMO mentality is not advisable! How do traders follow the meme craze and lose tens of millions in 3 days? Don’t get FOMO! He impulsively traded "this coin" and lost a lot of money. He spent NT$29 million in tuition fees in 4 hours! The giant whale loses big every time when trading "this coin", and unknowingly has lost NT$150 million.
"Crypto City" also reminds that investment in the cryptocurrency market is risky. It is recommended that investors not use funds that will affect their lives to participate. When making investment decisions, they must evaluate the risks and set when to take profit/stop loss. If you treat investing as gambling, you may end up losing more than you gain.
