Crypto Trader Makes 50,000% Profit on Memecoin Investment

A cryptocurrency trader turned an $800 investment into $400,000 in just one week by trading the meme coin Moo Deng (MOODENG).

On September 10, the trader used the decentralized exchange Raydium, which operates on the Solana network, to swap 6 SOL for MOODENG tokens. The investment saw a dramatic 500-fold increase as MOODENG’s value surged due to social media hype.

As of September 17, MOODENG is trading at $0.0163, marking a 120% gain in just 24 hours. The coin’s name derives from a baby pygmy hippo from Thailand that has gained internet fame, fueling the coin’s meme-driven popularity.

The success of MOODENG highlights a trend where traders capitalize on meme coins linked to viral internet phenomena.

For instance, another trader recently turned $16,550 into $1.8 million with the First Neiro (NEIRO) coin, inspired by a Shiba Inu connected to the Dogecoin mascot.