- Baby hippo-styled Moo Deng meme coin has soared 130,000% since its arrival.
- Ill-timed selling action sets a trader back $6.3M in unrealized profit.
- The Meme coin department taps 20% capital growth in one week.
As the meme coin bonanza last week unveiled multiple triple-digit winners, some large traders fell victim to drastic meme coin price fluctuations. One of the latest instances involves the viral meme Moo Deng, a happy baby hippo thatโs entered the blockchainโs realm on Solana (SOL).
SOL Trader Buys MOODENG on Launch
A few days after being minted on Solana, $MOODENG quickly gained traction. The coin has skyrocketed by over 130,000% since its inception on September 10, 2024. However, the massive green candles did not come without drastic price swings, liquidating many unfortunate traders.
On the first day of MOODENG trade in Solanaโs decentralized waters, the major crypto player discovered it just an hour after the baby hippo arrived on SOL. The meme trader bought 21 million MOODENG tokens for the price of 26 SOL, worth $3,537 at stamped transaction time.
SOL Traderโs Mistake Costs $6.3 Million
On the evening of September 10, MOODENG had sharply fallen below its already small market capitalization of $210K. To compare, its current market cap encircles a hefty $220,870,277.
As MOODENG hits price discovery on major crypto price aggregators, several major centralized exchanges, including MEXC, HTX, and Bitget, have already listed the token.
However, the extreme MOODENG price fluctuations during launch day on September 10, 2024, scared the SOL major player enough to eliminate the MOODENG tokens at a huge deficit. The trader was unfortunate enough to sell all 21M tokens for 2.19 SOL, worth just over $300 at the time.
If the trader had kept the meme tokens, the MOODENG stash would be worth $4.7 million now, down from a $6.3 million evaluation before Mondayโs market correction. As of press time, MOODENG is changing hands at $0.2239, with an 8.6% drop over the past 24 hours.
On the Flipside
- LookOnChain smart money tracker also revealed multiple Solana meme coin whales who have capitalized on MOODENGโs 130,000% rally in the millions.
- For instance, one Solana meme coin investor spent 6 SOL to acquire 30.1M Moo Deng (MOODENG) tokens, whipping up returns of 11,534% in three weeks.
Why This Matters
Cautionary trading examples can help crypto traders avoid emotion-based trading, which often leads to bad timing or irrational decisions.
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