In a story of extreme volatility and regret, one unfortunate crypto investor sold 21 million Moo Deng (MOODENG) tokens for a mere $297, only to witness their value skyrocket to $6.3 million.
The investor discovered MOODENG just one hour after it began trading and initially purchased the tokens for 26 SOL, which amounted to around $3,537 at the time, as the market cap stood at $210,000.
However, after a subsequent price drop, panic set in, leading to the hasty decision to sell the entire investment for just 2.19 SOL, Lookonchain reported.
MOODENG Coin’s Price Gained 1,400% Since Launch
Moo Deng, which means “bouncy pork” in Thai, has become a meme currency very quickly by taking advantage of its lightheartedness. MOODENG’s value has increased by an incredible 1,400% since its inception less than three weeks ago. This quick ascent is a prime example of meme coins’ speculative character, as they frequently have no intrinsic value and are only dependent on market opinion.
Another MOODENG trader on the Solana blockchain made an interesting 2,554-fold profit on a timely $1,300 investment in MOODENG. However, the quick profits have raised some doubts in the community, with some suggesting that developers or insiders might be rigging the market, according to Lookonchain data.
Lookonchain reported about a trader who, with the help of smart moves in MOODENG, went from being a zero-sum gamer to a millionaire in just two weeks.
A day later, Lookonchain said that another trader had demonstrated the volatile nature of the cryptocurrency market by turning a $95 investment into nearly $1,000 in less than 12 hours.
MOODENG Price Action
As of now, MOODENG is trading at $0.3260, with an impressive daily increase of over 70%. This rapid rise has made it one of the hottest topics in the crypto community, attracting both excitement and scepticism.
The unlucky trader’s story serves as a fitting reminder of how volatile meme coins may be. There is a chance for enormous profits, but there’s also a chance for big losses, especially if decisions are made out of panic or a reaction to market swings.