An anonymous crypto trader on the Solana platform has turned $800 into $3.5 million by investing in the new memecoin Moo Deng. This story has drawn attention to the rapid rise in the token's value.
The Beginning of the Story
According to Arkham Intelligence, the trader identified by the wallet address 'Db3P' on the Solana platform purchased 6 SOL worth of Moo Deng just four hours after the token was launched on September 10.
Moo Deng Growth
Though Moo Deng is primarily speculative and useless, its value has skyrocketed in recent days. According to CoinGecko, the token was trading above $0.14 as of Thursday, up 56% in the past 24 hours. The token's market value has reached $141 million.
Controversies and Possible Risks
The trader's high profits have sparked discussions on social media, with some claiming the person might be an insider with prior knowledge of the coin or an undisclosed team member profiting from the hype. These claims, however, have not been confirmed. Despite the significant gains, Moo Deng's value remains volatile. Some market watchers warn that if the trader sells their holdings, it could trigger a collapse in the token's price, as Moo Deng has no tangible utility.
While the story of one trader with Moo Deng is impressive, it is essential to consider the potential risks and remember the volatility of memecoins.
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