Leading cryptocurrencies like Solana, Bitcoin, and Ethereum are showing upward movement. Despite holders experiencing only modest gains in double digits over the past week, a meme coin trader on Solana is raking in substantial profits at current rates.
MooDeng Trader Transforms $800 Into $1.3 Million
As reported by Arkham, a blockchain intelligence service, a trader made an early move by purchasing $800 worth of MooDeng, a meme token on Solana, which has skyrocketed to more than $1.3 million in value approximately two weeks post-purchase.
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The wallet, noted as the largest holder of the MoonDeng meme coin, saw the initial stake rise by over 500X by September 17, reaching nearly $400,000. A week later, this same stake surged to $1.3 million on September 24.
A look at MooDeng’s price movements indicates that the token is gaining ground. This impressive performance aligns with significant shifts in fundamental factors following the Federal Reserve’s interest rate reduction.
In the aftermath of the 50 basis point cut, Ethereum, Solana, and Bitcoin have shown resilience, overcoming weakness. Notably, the resurgence of Solana prices from their September lows has provided relief for several tokens within its ecosystem, particularly meme coins.
Solana Meme Coin Ecosystem Rebounding
Over the past week, Solana has seen a nearly 11% increase, according to Coingecko data. This expansion has led to a rise in the total market cap of Solana meme coins to $7.2 billion, marking an 8% increase in the last 24 hours.
Among these, DogWifHat (WIF) stands as the largest meme coin on Solana with a market cap exceeding $1.8 billion. Meanwhile, the only other meme coin on this network surpassing $1 billion in market cap is Bonk, currently at $1.2 billion.
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Curiously, a review of the top 50 meme coins on Solana reveals that MooDeng, despite its remarkable performance, is not listed. As per Coingecko, MooDeng has surged 48% in the past day, with a 24-hour trading volume exceeding $29.4 million.
Data from Gecko Terminal indicates there are over 9,800 holders, with each token trading around $0.06, leading to a market cap of over $63 million. Despite the increase in trading volume and prices, MooDeng is primarily traded on Raydium, a decentralized exchange (DEX) on Solana.
Feature image from DALLE, chart from TradingView
