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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
New reports from Arkham Intelligence have uncovered an anonymous Solana trader who hit the jackpot with a recent investment in the popular meme coin, Moo Deng. Based on a viral baby pygmy hippo in Thailand, Moo Deng signifies the epitome of a meme-based cryptocurrency with its play theme and community-driven hype.
According to Solana blockchain explorer, Solscan, the Solana trader had invested a modest sum of $861.8 in Moo Deng, entering the market early when the meme coin was flying under the radar and priced significantly lower than its current value. As the crypto market showed signs of stability and the popularity of meme coins grew, Moo Deng followed suit, growing from a market capitalization of about $7 million two weeks ago to $315 million at some 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 have questioned the trader’s decision to hold off on cashing out, especially as the price and market capitalization of Moo Deng is plummeting drastically. His profit which sat at over $10 million has now reduced significantly to $4.4 million based on current exchange rates.
Ultimately, this dilemma boils down to liquidity issues, as the market for Moo Deng is highly illiquid. With limited buying and selling activity in the Moo Deng market, investors like this Solana trader may have a hard time selling off large amounts of tokens without significantly impacting its market price.
Update On Moo Deng’s Price
Following its massive rally in September, the price of Moo Deng took a negative turn, experiencing significant declines as market hype began to wane. At the time, the cryptocurrency had reached an all-time high of about $0.355, surpassing the current price of top meme coins like Dogecoin (DOGE), and Shiba Inu (SHIB).
As of writing, the Market Capitalization of Moo Deng has fallen by a whopping 70% and now sits at a mere $147.2 million. The viral meme coin is also currently trading at $0.148, according to CoinMarketCap, marking a staggering 58.4% decrease from its ATH price.
Featured image created with Dall.E, chart from Tradingview.com
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