Crypto Trader Turns $1.3K into $3.4 Million in 15 Days

The Phenomenal Rise of Moo Deng

A cryptocurrency investor has taken advantage of the ongoing boom around meme cryptocurrency Moo Deng (MOODENG) to record over 2,500-fold returns on their initial investment. The gains by the unidentified investor came from an investment of $1,331, which turned into a staggering $3.4 million in a trading initiated on Raydium, an automated market maker (AMM) platform built on Solana (SOL) involving the MOODENG/SOL pair.

Investment and Trading Details

The trade occurred on September 10, when the trader purchased 38.7 million MOODENG tokens for 9.8 SOL, valued at $1,331. Just two weeks later, on September 25, the value had skyrocketed, pushing the total worth to over $3.4 million, thanks to a sharp rise in the price of MOODENG, powered by the growing virality of the token on social media.

On September 10, the MOODENG trade began, and by September 25, the return was phenomenal. Indeed, MOODENG continues to witness notable growth powered by the meme coin's community. At press time, the token was trading at $0.0948, surging almost 30% in the last 24 hours.

Trending Meme Coin

MOODENG, named after a baby pygmy hippo at Khao Kheow Open Zoo in Thailand, has attracted significant investor interest. Notably, several traders have capitalized on Moo Deng's virality to register significant profits in a short period. Another trader converted an $800 investment into $1.3 million in just two weeks. However, these remarkable trades have sparked controversy, with speculation about potential insider trading.

Conclusions on Meme Coin Investments

While MOODENG ranks among the few success stories of the current market cycle, not all tokens have seen positive returns. For instance, investors in coins such as MBAPPE have lost almost $1 million from a trader's investment. This highlights the need for thorough research before investing in meme coins due to their inherent volatility.