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Cryptocurrency News Articles
Meme Coin Market Shows Signs of Revival as One Trader Turns $800 Investment into Millions
Oct 01, 2024 at 05:37 pm
As meme coins have recently begun showing signs of a potential revival, one trader managed to turn an investment of several hundred USD into millions.
A trader who purchased $800 worth of a new meme coin called Moo Deng (MOODENG) has seen the value of their investment skyrocket to over $10 million in a matter of weeks, according to blockchain analysis platform Arkham Intelligence.
The coin, which is inspired by Thailand's pygmy hippo, whose pictures went viral on social media in September, was launched on the Solana (SOL) blockchain using the Pump.fun platform. The identity of the project’s creators is not known.
As meme coins have recently begun showing signs of a potential revival, Db3P, a trader known in the crypto community, made the small investment in MOODENG after noticing the coin trending on social media in early October.
According to Arkham, Db3P purchased the coin on October 4 and held onto it as its price surged over the following weeks. By Saturday, the value of the initial investment had reached $10,073,440.
That same day, the coin was featured on the popular US TV show Saturday Night Live.
However, since the SNL skit aired, the price of the coin has crashed by more than half, according to data from Coingecko.com. As of Monday morning, the value of the initial investment stood at $4,904,080.
Despite the downturn, Arkham reports that the trader has not yet sold any of his Moo Deng coins. Some industry observers have speculated that the trader might be an insider involved with the project.
MOODENG is still up 1127% since September 20, according to data from Coingecko.com.
Price Chart of MOODENG
Strong fluctuations in the meme coin market are also due to the relatively low market capitalization and small trading volume of these coins. Under these conditions, large price swings can occur without needing significant sums of money to push the market up or down.
Currently, MOODENG’s market capitalization stands at $197 million, with a 24-hour trading volume of $196 million. In comparison, Bitcoin (BTC) has a market capitalization of $1.26 billion, and its 24-hour trading volume on centralized exchanges alone reached nearly $36 billion today.
Meanwhile, earlier in September, pseudonymous blockchain security researcher Roffett.eth warned of numerous honeypots targeting memecoin traders and advised caution.
“A friend told me today that he bought two ‘meme coins’ on Base, but they were transferred away immediately after purchase. He thought his wallet had been hacked, so he created a new wallet and bought them again, but they were transferred away again,” the researcher said.
Disclaimer:info@kdj.com
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