By leveraging the momentum across the meme coin, Moo Deng (MOODENG), a cryptocurrency dealer, noticed their funding skyrocket 500-fold in only one week.
On September 10, the unidentified dealer positioned an preliminary wager of $800, buying and selling the MOODENG/SOL pair on Raydium, an automatic market maker (AMM) platform constructed on Solana (SOL), with the funding turning into $400,000 seven days later, knowledge shared by blockchain evaluation platform Arkham on September 17 signifies.
The dealer initially swapped 6 SOL valued at roughly $800 for MOODENG tokens utilizing the decentralized trade’s platform. The swap was initiated when MOONDENG was getting ready to what seemed to be a typical pump.
Nevertheless, MOODENG skilled an explosive surge inside per week impressed by social media virality, yielding a 500x return on the dealer’s authentic funding.
Within the brief time period, MOODENG is witnessing elevated shopping for exercise buying and selling at $0.0163 as of press time, reflecting a 24-hour acquire of just about 120%.
Notably, MOODENG was named after a child pygmy hippo at Khao Kheow Open Zoo in Thailand, which has develop into an web sensation. The hippo’s images and movies have captivated web customers, resulting in a surge in associated memes.
The creators of MOODENG have tapped into the rising pattern of launching meme cash on in style networks. Solana, particularly, has develop into a popular platform for such initiatives, because of the success of tokens like Bonk (BONK), which has risen to develop into the 59th largest cryptocurrency by market cap.
Merchants taking advantage of viral moments
This isn’t the primary time savvy merchants have leveraged meme cash named after viral entities to make a revenue. For instance, an unidentified dealer turned $16,550 into $1.8 million after holding their place for about eight weeks in First Neiro (NEIRO), Finbold reported on September 17.
NEIRO was impressed by Neiro, a Shiba Inu (SHIB) canine linked to Kabosu, the Dogecoin (DOGE) mascot that handed away in mid-2024. Notably, Kabosumama, Kabosu’s proprietor, adopted Neiro, main the cryptocurrency group to create NEIRO tokens in its honor.
Nevertheless, not all buying and selling methods round meme cash have been profitable. This pattern was highlighted by one other investor whose $1 million wager in a coin dubbed MBAPPE plunged to $9,200 inside an hour. The token initially surged considerably after being falsely linked to French footballer Kylian Mbappé.
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