- One trader turned a $400 investment in the Solana meme coin Moo Deng ($MOODENG) into over $420,000 in just two weeks
- Moo Deng is a baby hippo-themed meme coin that went viral due to its cute mascot from a Thai zoo
- A new project called Memebet aims to be the first online casino where players can use meme coins, raising over $250,000 in its presale
One lucky meme coin trader turned a $400 investment in the two-week-old baby hippo-themed Solana meme coin Moo Deng ($MOODENG) into over $420,000.
The Adorable Baby Hippo That Started It All
Moo Deng is based on the eponymous adorable baby hippo internet sensation in Thailand’s Khao Kheow Open Zoo in Chonburi. Her name means “bouncy pork” in the local lingo, and the pygmy went viral after various online videos surfaced showing her cute, hyperactive demeanour and always moist appearance.
Trader’s $400 Investment Balloons to Over $420,000
According to meme coin wallet tracker Kakashi X (@KKashi_YT), the anonymous investor made an initial purchase of $401 worth of MOODENG, which blew up to close to half a million dollars. They then sold what was worth $60,000 at the time and kept $363,000. According to SolScan, the anonymous trader’s wallet now holds a MOODENG stash worth $726,770.
MOODENG’s Meteoric Two-Week Rise
MOODENG’s first two weeks of trading show frantic bullish activity, with frequent cup-and-handle patterns being formed by the candles alongside near-vertical ascents. There isn’t enough data to be able to accurately predict whether the rally will end soon or continue indefinitely. A falling relative strength index (RSI) of 50 suggests MOODENG’s price may briefly hold at its current level, but whether it continues to go up is contingent on the token’s overall popularity. It’s currently up 30% in the last 24 hours with a market cap approaching $86 million.
The Future of Meme Coins
Moodeng is an exemplary reminder of the kind of market fervor that propels meme coins into the limelight. However, once they’re there eyebrows remain raised as to what people can actually use them for.
However, one ascendant new project called Memebet hopes to change that. It has quietly raised well over a quarter of a million dollars in under a fortnight thanks to its first-of-its-kind premise – it’s the web’s first online casino where players use meme coins.
The presale launched last week and the MEMEBET token received over $200,000 in investments in just two days. With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years, alongside the growing adoption of crypto, MEMEBET is positioned to take advantage of both emerging technologies, unlike Sui Network.
MEMEBET tokens unlock a range of benefits for players including airdrop rewards, special VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes featuring real-world prizes and casino bonuses. The project also launched a $400 million MEMEBET airdrop.
