By leveraging the momentum around the meme coin, Moo Deng (MOODENG), a cryptocurrency trader, saw their investment skyrocket 500-fold in just one week.
On September 10, the unidentified trader placed an initial bet of $800, trading the MOODENG/SOL pair on Raydium, an automated market maker (AMM) platform built on Solana (SOL), with the investment turning into $400,000 seven days later, data shared by blockchain analysis platform Arkham on September 17 indicates.
The trader initially swapped 6 SOL valued at approximately $800 for MOODENG tokens using the decentralized exchange’s platform. The swap was initiated when MOONDENG was on the brink of what appeared to be a typical pump.
However, MOODENG experienced an explosive surge within a week inspired by social media virality, yielding a 500x return on the trader’s original investment.
MOODENG one-day price chart. Source: Arkham
In the short term, MOODENG is witnessing increased buying activity trading at $0.0163 as o
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