Some top coins like Solana, Bitcoin, and Ethereum are showing signs of growth. While holders have gained marginally over the past week, a meme coin trader on the Solana network is witnessing extraordinary profits at current rates.
MooDeng Trader Turns $800 To $1.3 Million
According to Arkham, a blockchain intelligence platform, a trader who invested early by purchasing $800 worth of MooDeng, a meme coin on Solana, has seen their investment skyrocket to over $1.3 million in just two weeks. This remarkable gain underscores the potential of meme coins in the crypto market.
By September 17, the trader’s initial investment had already grown by over 500 times to nearly $400,000. However, by September 24, the investment had surged to $1.3 million.
A look at MooDeng’s price action reveals a steady upward trend. This impressive performance aligns with changes in fundamental factors, including a significant interest rate cut by the United States Federal Reserve. Following a 50 basis point reduction, Ethereum, Solana, and Bitcoin have shown resilience, bouncing back from previous lows. The recovery in Solana’s price has positively impacted its ecosystem tokens, particularly meme coins.
Solana Meme Coin Ecosystem Recovering
Over the past week, Solana has seen an increase of nearly 11%, according to data from Coingecko. This growth has also led to an increase in the total market cap of Solana meme coins, which has risen to $7.2 billion, an 8% jump in the past 24 hours.
Among Solana’s meme coins, DogWifHat (WIF) is the largest, boasting a market cap of over $1.8 billion. Bonk is another significant meme coin on this network, with a market cap surpassing $1 billion.
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Interestingly, despite its stellar performance, MooDeng is not listed among the top 50 meme coins on Solana. According to Coingecko, MooDeng has risen by 48% in the last day, with a 24-hour trading volume exceeding $29.4 million.
Gecko Terminal data indicates that MooDeng has over 9,800 holders, and each token is currently valued at around $0.06, resulting in a market cap of over $63 million. Despite the increase in trading volume and prices, MooDeng is primarily traded on Raydium, a decentralized exchange (DEX) on Solana.
