A cryptocurrency trader turned an $800 investment into $400,000 in just one week by trading the meme coin Moo Deng (MOODENG).
On September 10, the trader used the decentralized exchange Raydium, which operates on the Solana network, to swap 6 SOL for MOODENG tokens. The investment saw a dramatic 500-fold increase as MOODENG’s value surged due to social media hype.
As of September 17, MOODENG is trading at $0.0163, marking a 120% gain in just 24 hours. The coin’s name derives from a baby pygmy hippo from Thailand that has gained internet fame, fueling the coin’s meme-driven popularity.
The success of MOODENG highlights a trend where traders capitalize on meme coins linked to viral internet phenomena.
For instance, another trader recently turned $16,550 into $1.8 million with the First Neiro (NEIRO) coin, inspired by a Shiba Inu connected to the Dogecoin mascot.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.