Top cryptocurrencies like Solana, Bitcoin, and Ethereum are experiencing gains, but while most holders have only seen modest double-digit increases over the past week, one meme coin trader on Solana has found themselves swimming in substantial profits.
According to Arkham, a blockchain intelligence platform, an early investor seized an opportunity by purchasing $800 worth of MooDeng, a meme coin on the Solana network. Just two weeks after this initial purchase, the investment ballooned to an impressive $1.3 million. Initially, by September 17, the amount had already surged by over 500 times, reaching nearly $400,000. A week later, it had climbed further to $1.3 million as of September 24.
MooDeng’s recent price action indicates that the token is on an upward trajectory, aligned with a broader market trend driven by significant macroeconomic shifts. A notable catalyst has been the recent interest rate cut by the United States Federal Reserve by 50 basis points. This cut has not only bolstered Ethereum, Solana, and Bitcoin but has also revived some of Solana’s ecosystem tokens, particularly meme coins.
In the past week, Solana’s price has risen approximately 11%, according to Coingecko data. This surge has pushed the total market capitalization of Solana meme coins to $7.2 billion, reflecting an 8% increase in just the past 24 hours. DogWifHat (WIF) stands as the largest meme coin within Solana, boasting a market cap of over $1.8 billion. Another notable meme coin, Bonk, has a market cap surpassing $1 billion.
Despite MooDeng’s remarkable performance, it surprisingly does not feature among the top 50 meme coins on Solana. Coingecko data reveals that MooDeng has surged by 48% over the past day, drawing a 24-hour trading volume exceeding $29.4 million. According to Gecko Terminal, the coin has over 9,800 holders, with each token currently trading at around $0.06, giving MooDeng a market cap of over $63 million. Most of MooDeng’s transactions are conducted on Raydium, a decentralized exchange on the Solana network.
