A cryptocurrency trader has managed to turn just $800 worth of digital assets into over $3.5 million through a popular meme-inspired cryptocurrency Moo Deng, registering an impressive return that is yet to be realized as the trader keeps HODLing.
According to data shared by popular cryptocurrency analytics firm Arkham Intelligence, a cryptocurrency trader identified by his wallet’s initials Db3p, spent 6 SOL to buy MOODENG tokens shortly after they left Pump.fun, for a gain of over 437,000%.
MOODENG is at the time of writing trading at $0.114 per token, up more than 37% over the last 24-hour period and over 230% over the past week. The cryptocurrency is based on a baby hippo at the Khao Kheow Open Zoo in Thailand.
According to its website, the team behind the project is set to donate the fees generated by trading the cryptocurrency on the Moonshot app to the zoo. On the microblogging platform X (formerly known as Twitter), the account associated with the cryptocurrency has managed to surpass 40,000 followers in little time.
Various traders have managed to make millions off of memecoin investments this year, with one trader, identified on-chain by the alias “sundayfunday.sol,” turning a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
As reported, a patient’ cryptocurrency trader has recently managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.
The trader’s gains came after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67.000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snipe” a large portion of a newly launched cryptocurrency’s supply.
There have also been significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern. It’s worth noting memecoin are extremely speculative and volatile, and while stories of successful trades often surface, those of unsuccessful trades are often buried.
Featured image via Unsplash.
