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Some of Solana’s major coins, such as Bitcoin and even Ethereum, are up slightly. However, while coin holders haven’t gained more than 10% over the past week, one Solana meme coin trader is swimming in profits at spot market prices.
MooDeng Trader Turns $800 Into $1.3 Million
According to Arkham, a blockchain intelligence platform, the trader, who got in early, saw $800 worth of MooDeng, a meme coin on Solana, invest Inflation to over $1.3 million just about two weeks after the purchase.
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The address, which is also the largest holder of the MoonDeng meme coin, saw its initial investment rise more than 500x by September 17, reaching nearly $400,000. However, a week later, the same investment had soared, reaching $1.3 million on September 24.
A quick look at MooDeng’s price action shows that the token is slowly rising. It is worth noting that this impressive performance coincides with a sharp change in fundamentals following the US Federal Reserve’s interest rate cut.
After a 50bps price cut, Ethereum, Solana, and Bitcoin have been steady, shaking off weakness. Specifically, Solana’s price rebound from its September lows has been a welcome relief for some ecosystem tokens, especially meme coins.
Solana Meme Coin Ecosystem Recovery
Over the past week, Solana has added nearly 11%, according to Coingecko. DataThe expansion also saw the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours.
Of these coins, DogWifHat (WIF) is the largest meme coin on Solana, with a market cap of over $1.8 billion. However, the only other meme coin on the network with a market cap of over $1 billion is Bonk, at $1.2 billion.
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Interestingly, when looking at the top 50 meme coins on Solana, MooDeng, despite its performance, does not appear on the list. Currently, looking at Coingecko, MooDeng is up 48% over the past day, attracting a 24-hour trading volume of over $29.4 million.
Gecko Station Data Offers With over 9,800 holders, each token is trading at around $0.06, meaning a market cap of over $63 million. Even with the surge in trading volume and price, MooDeng is mostly traded on Raydium, a decentralized exchange on Solana.
Featured image of DALLE, chart from TradingView