Meme Coin Trader Turns $800 Into Over $1.3 Million After Aping on MooDeng

Some top coins of Solana, Bitcoin, and even Ethereum are edging higher. However, while holders are barely up double digits over the past week, a meme coin trader on Solana is swimming in profits at spot rates.

MooDeng Trader Turns $800 To $1.3 Million

According to Arkham, a blockchain intelligence platform, the trader, who got in early, scooping $800 worth of MooDeng, a meme coin in Solana, has seen the investment swell to over $1.3 million roughly two weeks after buying.

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The address, also the largest holder of the MoonDeng meme coin, had already seen the initial investment soar by over 500X by September 17, rising to nearly $400,000. However, a week later, that same investment is up, rising to $1.3 million on September 24.

A glance at MooDeng’s price action shows that the token is inching higher. Notably, this superb performance coincides with a sharp change in fundamental factors following the interest cut by the United States Federal Reserve. www.tradingview.com/x/SyBlWBvo

Following the 50 basis point reduction, Ethereum, Solana, and Bitcoin have been firm, shaking off weakness. Specifically, the revival of Solana prices from September lows has been a reprieve for some of its ecosystem tokens, especially meme coins.

Solana Meme Coin Ecosystem Recovering

Over the last week, Solana has added nearly 11%, according to Coingecko data. The expansion has also seen the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours.

Out of this, DogWifHat (WIF) is the largest meme coin on Solana, commanding a market cap of over $1.8 billion. However, the only other meme coin on this network with a market cap exceeding $1 billion is Bonk, at $1.2 billion.

Interestingly, scanning through the top 50 meme coins on Solana, MooDeng, despite its performance, doesn’t feature. Currently, looking at Coingecko, MooDeng is up 48% over the last day, attracting a 24-hour trading volume of over $29.4 million.

Gecko Terminal data shows over 9,800 holders, and each token is changing hands at around $0.06, translating to over $63 million in market cap. Even with the uptick in trading volume and prices, MooDeng is mostly traded on Raydium, a DEX on Solana.