Solana Trader Turns $800 Into $10 Million In Unreal Meme Coin Trade, Here’s How

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As an analyst with over two decades of experience in the financial markets, I must admit that stories like this Solana trader’s $800 Moo Deng investment are both fascinating and cautionary tales for the crypto community.

A Solana (SOL) trader who initially invested a mere $800 in the popular Solana-based meme coin, Moo Deng, has realized unreal gains, with profits soaring to approximately $10 million. However, despite the massive returns from unreal meme coin trade, the Solana trader is facing liquidity obstacles, leaving him stranded as Moo Deng’s value rapidly plummets. 

Solana Trader’s $800 Meme CoinBet Nets $10 Million

Recently, Arkham Intelligence has revealed details about an unidentified Solana trader who struck it rich through an investment in the well-known meme coin, Moo Deng. This digital currency, modeled after a viral baby pygmy hippo from Thailand, perfectly embodies the essence of a meme-based cryptocurrency, with its amusing theme and fervor driven by community excitement.

Based on data from Solana blockchain explorer Solscan, a trader on the Solana network initially invested approximately $861.8 in a meme coin called Moo Deng. This investment was made when the coin was largely undiscovered and priced at a significantly lower value compared to its current worth. As the cryptocurrency market showed signs of recovery and the interest in meme coins increased, so did Moo Deng’s value. In the past two weeks, it has grown from a market capitalization of roughly $7 million to over $315 million at one point last month.

This massive surge in the meme coin’s market value reflects a 350% increase, during which the trader watched his $861.8 investment soar to over $10.7 million. The Solana trader had initially purchased a total of 30.19 million Moo Deng tokens just hours after it launched, ultimately securing millions in profit as the meme coin went viral on X (formerly Twitter). 

In just over a few weeks Moo Deng had rapidly ascended to become the 22nd meme coin by market capitalization, triggering a price increase to new all-time highs. Despite this substantial price increase, the Solana trader has yet to sell any of his Moo Deng tokens. Instead, he has spread his sizable investment across four different Solana addresses. 

Many in the crypto community are questioning the trader’s choice not to sell, given that the value and total market worth of Moo Deng are falling sharply. The profit he initially had, worth more than $10 million, has now decreased substantially to approximately $4.4 million due to current exchange rates.

Essentially, this predicament comes back to problems with liquidity because the Moo Deng market is extremely thin. With very little trading happening in the Moo Deng market, investors such as this Solana trader might struggle to offload substantial amounts of tokens without causing a noticeable drop in its price.

Update On Moo Deng’s Price

After experiencing a substantial surge in September, Moo Deng’s price started to drop significantly as market excitement subsided. At that point, it had hit a record high of approximately $0.355, outperforming the value of popular meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).

Currently, as a crypto investor, I’m observing a significant drop in the Market Capitalization of Moo Deng. It has plummeted an astonishing 70%, leaving it at a low of $147.2 million. The meme coin is also experiencing a downturn, with its current trading price on CoinMarketCap standing at $0.148. This represents a dramatic 58.4% decrease from its All-Time High (ATH) price.

Solana Trader Turns $800 Into $10 Million In Unreal Meme Coin Trade, Here’s How

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2024-10-09 04:11