Moo Deng (MOODENG) Cryptocurrency Trader Sees Investment Skyrocket 500-Fold in Just One Week

By leveraging the momentum around the meme coin, Moo Deng (MOODENG), a cryptocurrency trader, saw their investment skyrocket 500-fold in just one week.

A cryptocurrency trader witnessed a 500-fold return on their investment in one week, fueled by the viral momentum around the meme coin Moo Deng (MOODENG).

On September 10, the trader placed an initial bet of $800, trading the MOODENG/SOL pair on Raydium, an automated market maker (AMM) platform built on Solana (SOL). According to data shared by blockchain analysis platform Arkham on September 17, the investment had grown to an impressive $400,000 seven days later.

The trader began by swapping 6 SOL, valued at approximately $800, for MOODENG tokens on the decentralized exchange's platform. The swap was initiated as MOODENG was experiencing a surge in buying activity.

However, the coin's explosive surge was largely driven by a viral trend on social media, inspired by a baby pygmy hippo at Khao Kheow Open Zoo in Thailand. The hippo, named Mood Deng, has captivated internet users with its amusing antics, leading to a wave of related memes.

The creators of MOODENG capitalized on the online buzz by launching the meme coin on Solana, which has become a popular network for such projects. Thanks to the success of tokens like Bonk (BONK), which has risen to become the 59th largest cryptocurrency by market cap, Solana is now a platform of choice for meme coin enthusiasts.

This isn't the first time that traders have used meme coins named after viral entities to make a profit. For example, one trader turned $16,550 into $1.8 million by holding their position for about eight weeks in First Neiro (NEIRO), Finbold reported on September 17.

NEIRO was inspired by Neiro, a Shiba Inu (SHIB) dog linked to Kabosu, the Dogecoin (DOGE) mascot that passed away in mid-2024. Notably, Kabosumama, Kabosu's owner, adopted Neiro, leading the crypto community to create NEIRO tokens in its honor.

But not all trading strategies around meme coins have been successful. This trend was highlighted by another investor whose $1 million bet in a coin dubbed MBAPPE plunged to $9,200 within an hour. The token initially surged significantly after being falsely linked to French footballer Kylian Mbappé.