A cryptocurrency user earned more than $12 million (around ₹100 crore) in just 17 days after investing $1,300 (around ₹1 lakh) in Moodeng memecoin. An account called Lookonchain said that the investor purchased 9.8 Solana tokens for $1,300 to buy Moodeng. The tokens were purchased on September 10 and on September 21, the user sold $104,000 worth of Moodeng resulting in a profit of $38.64 million.
A cryptocurrency user turned a $1,300 investment in Moodeng memecoin into over $12 million in 17 days, raising concerns of insider trading due to limited liquidity. The memecoin gained popularity after being named after a pygmy hippo internet sensation.
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The holdings of the user are valued at over $12 million as on September 28 owing to continuous increase in the price of Moodeng memecoin. As a result, the user's initial investment of ₹1 lakh grew to more than ₹100 crore in only 17 days.
This comes as traders raised concerns that the investor might be an insider trader as Moodeng pool has limited liquidity of $1.8 million which makes it difficult to cash out such a large investment, as per Coingape.
Moodeng means “bouncy pork” which is a popular snack in Thailand. It has become popular after Dogecoin and Shiba Inu coin. The Moodeng memecoin was named after Moo Deng, a two-month-old pygmy hippo who became an internet sensation due to her playful expressions and antics. Videos of her from a zoo in Chon Buri in Thailand were shred on TikTok and Instagram were widely shared on social media. .
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Moodeng means “bouncy pork” which is a popular snack in Thailand. It has become popular after Dogecoin and Shiba Inu coin. The Moodeng memecoin was named after Moo Deng, a two-month-old pygmy hippo who became an internet sensation due to her playful expressions and antics. Videos of her from a zoo in Chon Buri in Thailand were shred on TikTok and Instagram were widely shared on social media. .
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Home/Business/Moodeng memecoin user invests ₹1 lakh. In 17 days, profit was ₹100 crore
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