In a remarkable trading move, an anonymous trader has turned an initial investment of $800 into a staggering $400,000 on the cryptocurrency token MOODENG, according to data from Arkham.
The trader initially bought 6 SOL worth of the token, approximately $800, just as it began to gain attention. In less than a week, their investment surged 500 times in value, reflecting a meteoric rise to $400,000.
MOODENG’s Price Action
MOODENG, named after the viral baby pygmy hippo from Thailand, has seen an explosive surge in value, with the token currently trading at $0.01722, up by over 120% in the last 24 hours. The rapid price rise has caught the attention of traders and social media alike, turning this obscure token into a crypto sensation almost overnight.
The viral success of Moo Deng, a young pygmy hippo from Thailand’s Khao Kheow Open Zoo, is connected to the tale of MOODENG’s unexpected rise in popularity.
Moo Deng, whose name means “bouncy pig,” has won the hearts of people on social media all over the world with her hilarious antics and clumsiness. Her ascent to online prominence has been rapid, with innumerable posts featuring the small hippo taking over social media feeds.
The introduction of the MOODENG token and Moo Deng’s widespread popularity have combined to generate a powerful surge in market interest, which has caused the token’s price to rise sharply as more buyers become interested in it.
Insider Allegations Emerge After Price Jump
Even while there has been a lot of excitement over the token’s price increase, some people on social media have expressed worry about potential insider trading. These reports suggest that the trader who made the huge profit might have been an insider who was aware of the pump before it was announced.
A lot of people in the cryptocurrency community have been speculating and debating the legitimacy of the token’s ascent due to the lack of transparency behind its abrupt increase in value.
It is unclear if MOODENG’s value will increase further as it gains traction and draws in new investors, or if this is just a transitory surge fuelled by social media buzz.
Some traders are placing bets on the tokens’ sustained growth, while others are exercising caution because of concerns about possible manipulation and their high volatility.