As a seasoned analyst with years of experience in the cryptocurrency market, I must admit that the story of MooDeng Trader turning $800 into $1.3 million is nothing short of extraordinary. It’s a testament to the volatile and potentially lucrative nature of this industry, especially when it comes to meme coins like MooDeng.
Over the past week, some prominent cryptocurrencies like Solana, Bitcoin, and Ethereum have been gradually increasing in value. Yet, despite this rise, their holders are only seeing gains in the double-digit percentage range. In stark contrast, a trader specializing in meme coins on the Solana platform is currently reaping significant profits at current exchange rates.
MooDeng Trader Turns $800 To $1.3 Million
Based on information from Arkham, a blockchain intelligence platform, an investor who initially purchased around $800 worth of the meme coin MooDeng on the Solana network saw their investment grow to approximately $1.3 million just about two weeks later.
Initially, the entity holding the most MoonDeng meme coins had witnessed an extraordinary increase in their initial investment, reaching approximately $400,000 by September 17, marking a multiplication of over 500 times. However, by September 24, that same investment saw further growth, climbing up to around $1.3 million.
Taking a look at MooDeng’s market trends indicates that its value is gradually climbing up. Interestingly, this positive movement aligns with a significant shift in underlying factors, which can be attributed to the recent reduction in interest rates by the U.S. Federal Reserve.
After a 0.5% decrease, Ethereum, Solana, and Bitcoin have shown resilience, overcoming their previous weaknesses. Particularly noteworthy is the recovery of Solana prices from their September lows, which has provided a relief for several tokens within its ecosystem, particularly meme coins.
Solana Meme Coin Ecosystem Recovering
Over the last week, Solana has added nearly 11%, according to Coingecko data. The expansion has also seen the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours.
Among all the meme coins on the Solana network, DogWifHat (WIF) currently holds the top spot, boasting a market capitalization of more than $1.8 billion. Interestingly, Bonk is the only other meme coin on this blockchain with a market cap over $1 billion, standing at approximately $1.2 billion.
It’s worth noting that among the top 50 meme coins on Solana, MooDeng isn’t included. However, a quick glance at Coingecko reveals that MooDeng has seen a significant surge, with a 48% increase over the past day. This rise in value has also boosted its 24-hour trading volume to exceed $29.4 million.
According to data from Gecko Terminal, more than 9,800 individuals hold the MooDeng token, and each transaction involves approximately $0.06. This equates to a market capitalization exceeding $63 million. Despite an increase in trading activity and prices, MooDeng is predominantly exchanged on Raydium, a decentralized exchange (DEX) built on the Solana network.
Read More
Sorry. No data so far.
2024-09-25 02:10