- The baby hippopotamus-style Mudeng meme coin has soared 130,000% since its launch.
- The untimely selling action would set the trader back $6.3 million in unrealized profits.
- Meme Coin division achieved 20% capital growth in one week.
Last week’s meme coin bonanza revealed several triple-digit winners, with some large traders falling victim to wild meme coin price fluctuations. One of the latest examples is the viral meme involving Moo Deng, a happy baby hippopotamus that entered the blockchain realm of Solana (SOL).
SOL Trader Purchases MOODENG Upon Launch
$MOODENG quickly gained popularity within a few days of being mined on Solana. The coin has soared more than 130,000% since its launch on September 10, 2024. However, the huge green candle did not come without a huge price movement, which resulted in many unfortunate traders being liquidated.
On the first day of MOODENG trading on Solana’s decentralized waters, a major cryptocurrency player discovered a baby hippo just an hour after it arrived on SOL. The meme trader bought 21 million MOODENG tokens at a price of 26 SOL worth $3,537 during Stamp trading hours.
SOL trader’s mistake costs $6.3 million
By the evening of September 10, MOODENG had fallen sharply below its already small market capitalization of $210,000. For comparison, its current market capitalization stands at $220,870,277.
Several major centralized exchanges have already listed the token, including MEXC, HTX, and Bitget, as MOODENG has found its price on major cryptocurrency price aggregators.
However, extreme MOODENG price fluctuations during the launch date of September 10, 2024 scared SOL major players enough to eliminate their MOODENG tokens at huge deficits. The trader unfortunately sold all 21 million tokens for 2.19 SOL, a value of just over $300 at the time.
If traders had stored the meme tokens, the value of their MOODENG stash would be reduced from $6.3 million before Monday’s market correction to $4.7 million today. At press time, MOODENG is trading at $0.2239, down 8.6% over the last 24 hours.
On the flip side
- LookOnChain smart money tracker also revealed several Solana meme coin whales capitalizing on MOODENG’s 130,000% multi-million dollar rally.
- For example, one Solana meme coin investor used 6 SOL to acquire 30.1 million Moo Deng (MOODENG) tokens, earning a 11,534% return in three weeks.
Why This Matters
Cautious trading examples can help cryptocurrency traders avoid emotion-based trading, which often leads to poor timing or irrational decisions.
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