AND Solana (SUN) trader who initially invested just $800 in the popular stock A meme coin based on SolanaMoo Deng, made unreal profits that reached around $10 million. However, despite making huge profits from unreal meme coin trading, trader Solana faces liquidity hurdles, leaving him stranded as Moo Deng’s value plummets.
Meme CoinBet Solany Trader for $800 brings a profit of $10 million
Up-to-date reports from Arkham Intelligence discovered by anonymous Trader Solana who hit the jackpot thanks to its recent investment in the popular meme coin Moo Deng. Based on a viral baby pygmy hippopotamus in Thailand, Moo Deng stands for the epitome of meme-driven cryptocurrency, with a fun theme and community-driven buzz.
According to Solana’s blockchain explorer Solscan, a Solana trader did just that invested a modest sum of $861.8 in the form of the Moo Deng coin, which entered the market early when the meme coin was flying under the radar and its price was much lower than its current value. Because the cryptocurrency market has shown signs of stability and popularity meme coins rose, Moo Deng followed suit, increasing its market capitalization from about $7 million two weeks ago to $315 million at one point last month.
This massive escalate in the meme coin’s market value reflects a 350% escalate, during which the trader watched his $861.8 investment grow to over $10.7 million. Trader Solana initially purchased a total of 30.19 million Moo Deng tokens just hours after their launch, ultimately securing multi-million dollar gains as the meme coin went viral on X (formerly Twitter).
In just over a few weeks, Moo Deng quickly rose to the top and became the 22nd meme coin by market capitalization, driving prices to recent record highs. Despite this significant price escalate, trader Solana has not yet sold any of his Moo Deng tokens. Instead, he spread his sizable investment across four different addresses in Solana.
Many in the cryptocurrency community feel this way questioned the trader’s decision to withhold withdrawals, especially as the price and market capitalization of Moo Deng drop dramatically. He now has a profit that was over $10 million reduced significantly to $4.4 million based on current exchange rates.
Ultimately this fix it comes down to liquidity problemsbecause the Moo Deng market is highly illiquid. With confined buying and selling activity on the Moo Deng market, investors like this Solana trader may find it challenging to sell immense amounts of tokens without significant influencing its market price.
Moo Deng price update
After a huge rally in September, Moo Deng’s price has taken a negative turn, posting significant declines as market noise fades. During this time, the cryptocurrency reached an all-time high of around $0.355, surpassing the current price of most popular meme coins such as Dogecoin (DOGE)AND Shiba Inu (SHIB).
At the time of writing, Moo Deng’s market capitalization has fallen by as much as 70% and currently amounts to only USD 147.2 million. According to CoinMarketCap, the viral meme coin is currently trading at $0.148, which is a staggering 58.4% decline from its ATH price.
Featured image created with Dall.E, chart from Tradingview.com
