A Solana (SOL) dealer who initially invested a mere $800 within the widespread Solana-based meme coin, Moo Deng, has realized unreal features, with income hovering to roughly $10 million. Nonetheless, regardless of the large returns from unreal meme coin commerce, the Solana dealer is dealing with liquidity obstacles, leaving him stranded as Moo Deng’s worth quickly plummets.
Solana Dealer’s $800 Meme CoinBet Nets $10 Million
New studies from Arkham Intelligence have uncovered an nameless Solana dealer who hit the jackpot with a current funding within the widespread meme coin, Moo Deng. Primarily based on a viral child pygmy hippo in Thailand, Moo Deng signifies the epitome of a meme-based cryptocurrency with its play theme and community-driven hype.
In response to Solana blockchain explorer, Solscan, the Solana dealer had invested a modest sum of $861.8 in Moo Deng, coming into the market early when the meme coin was flying beneath the radar and priced considerably decrease than its present worth. Because the crypto market confirmed indicators of stability and the recognition of meme cash grew, Moo Deng adopted swimsuit, rising from a market capitalization of about $7 million two weeks in the past to $315 million sooner or later final month.
This large surge within the meme coin’s market worth displays a 350% improve, throughout which the dealer watched his $861.8 funding soar to over $10.7 million. The Solana dealer had initially bought a complete of 30.19 million Moo Deng tokens simply hours after it launched, in the end securing thousands and thousands in revenue because the meme coin went viral on X (previously Twitter).
In simply over a number of weeks Moo Deng had quickly ascended to turn into the twenty second meme coin by market capitalization, triggering a value improve to new all-time highs. Regardless of this substantial value improve, the Solana dealer has but to promote any of his Moo Deng tokens. As a substitute, he has unfold his sizable funding throughout 4 completely different Solana addresses.
Many within the crypto group have questioned the dealer’s choice to carry off on cashing out, particularly as the value and market capitalization of Moo Deng is plummeting drastically. His revenue which sat at over $10 million has now decreased considerably to $4.4 million based mostly on present alternate charges.
Finally, this dilemma boils all the way down to liquidity points, as the marketplace for Moo Deng is extremely illiquid. With restricted shopping for and promoting exercise within the Moo Deng market, buyers like this Solana dealer might have a tough time promoting off massive quantities of tokens with out considerably impacting its market value.
Replace On Moo Deng’s Worth
Following its large rally in September, the value of Moo Deng took a detrimental flip, experiencing important declines as market hype started to wane. On the time, the cryptocurrency had reached an all-time excessive of about $0.355, surpassing the present value of high meme cash like Dogecoin (DOGE), and Shiba Inu (SHIB).
As of writing, the Market Capitalization of Moo Deng has fallen by a whopping 70% and now sits at a mere $147.2 million. The viral meme coin can be presently buying and selling at $0.148, in keeping with CoinMarketCap, marking a staggering 58.4% lower from its ATH value.
Featured picture created with Dall.E, chart from Tradingview.com
