Who knew that a crypto coin featuring an adorable pig could prove to be so profitable? A cryptocurrency user has reportedly become a multimillionaire in just 17 days after they invested Rs 1 lakh in the newly launched Moo Deng meme coin. Taking to X, Lookonchain, an account that focuses on blockchain investment, pointed out that an investor acquired 9.8 Solana tokens equivalent to $1.3K to purchase Moodeng.
The tokens were purchased on September 10, and the investor subsequently sold $104K worth of Moodeng for $17.9K on September 27, resulting in a profit of $38.64 million. Due to the significant rise in price of this memecoin, their holdings valued over $12 million by September 28. Thus, within just 17 days, an investment of Rs 1 lakh grew to more than Rs 100 crore.
Just How Profitable Is The Moodeng Coin?
Seasoned traders however are skeptical of the trustworthiness of the user. As per a report by Coingape, several traders are speculating that the investor may be engaging in insider trading, given that the Moodeng pool has limited liquidity of $1.8 million, which hampers the ability to withdraw such a significant investment.
— lookonchain (@lookonchain) Who Is Moodeng?
Moodeng coin is the latest addition to a niche online culture that previously gave rise to cryptocurrencies like Dogecoin, initially a humorous take on Bitcoin, and Shiba Inu coin, which started as a parody of Dogecoin. Moodeng coin was created in tribute to Moo Deng, a two-month-old pygmy hippo who has become an internet sensation thanks to her playful antics and endearing expressions. Videos of Moo Deng frolicking at a zoo in Chon Buri, Thailand, went viral on platforms like TikTok and Instagram, drawing widespread attention just weeks ago.
The name 'Moo Deng' translates to "bouncy pork" in Thai, a nod to a popular snack. This name was chosen through an online poll in August, with 20,000 participants, according to The Guardian. While memecoins typically have a fleeting presence, lasting only as long as their subjects remain in the spotlight, Moo Deng’s charm has significantly fueled the success of this coin. On September 27, CNN reported that Moodeng coin saw a 90% surge in value over 24 hours, largely driven by the hippo's internet fame.
