Moo Deng Memecoin User Turns Rs 1 Lakh Into Rs 100 Crore In Just 17 Days

A cryptocurrency user has reportedly transformed an investment of just $1,300 (around Rs 1 lakh) into an impressive $12 million (around Rs 100 crore) in just 17 days in the newly launched Moo Deng memecoin. An X account named Lookonchain in a post shared that the investor had purchased 9.8 Solana tokens for $1,300 to buy Moo Deng.

As per Lookonchain, the investor bought 38.7 million Moo Deng tokens on September 10 and sold 104,000 MOODENG for about 112 tokens, valued at around $17,900 (nearly Rs 15 lakh) on September 27. Now, the trader has the remaining 38.64 million tokens. As the memecoin’s price continued to rise, their holdings were valued at over $12 million (approximately Rs 100 crore) by September 28. In just 17 days, their initial investment of Rs 1 lakh grew to more than Rs 100 crore.

The rapid rise in the value of MOODENG has sparked questions within the community, with many wondering if this success was purely coincidental or if insider trading played a role, especially given that the liquidity pool for MOODENG is reportedly just $1.8 million (around Rs 15 crore). With such limited liquidity, cashing out the entire profit could significantly impact the token’s price, as reported by The Crypto Times.

Moo Deng coin is the latest entry in the world of niche cryptocurrencies, following the likes of Dogecoin and Shiba Inu coin, which both started as jokes about other digital currencies. The coin is named after a two-month-old pygmy hippo who became an internet sensation for her playful behaviour. Videos of Moo Deng, shared by her caretakers at a zoo in Chon Buri, Thailand, recently went viral on TikTok and Instagram.

According to The Guardian, Moo Deng means “bouncy pork” in Thai which is a popular snack. She also became an unexpected symbol for the endangered pygmy hippo after winning an online poll with 20,000 votes in August. Fans across the globe have embraced Moong Deng’s charm by creating cakes and artworks that show off her cartoonish rosy cheeks and bright eyes. Not only this, as per the report, a cosmetic brand encouraged its social media users to “wear blush like baby hippo” in posts promoting products in pink and peach tones.

Meanwhile, memecoins often have a short lifespan, usually lasting only as long as their inspirations stay in the spotlight. The cuteness of Moo Deng seems to be the main reason behind the new coin’s success, as it surged by 90% in just 24 hours on September 27, trading at about 25 cents a coin, as reported by CNN.