As Moo Deng memecoin investor invested Rs 1 lakh and earned a massive amount out of it, the incident is making waves in the crypto market۔ The investor has reportedly scooped in an amount of more than $12 million in the span of just 17 days. He was known to have made an investment worth $1.3K, roughly Rs 1 lakh, in the newly launched Moo Deng memecoin.
Moo Deng memecoin investor invested Rs 1 lakh using 9.8 Solana tokens worth $1.3K to buy the Moo Deng coins. The coins were purchased on 10th September, 2024. In seventeen days, the investor sold $104K worth of Moo Deng coins for $17.9K. Their earnings stood at around $38.64 million from the memecoin.
On 28th September, their earnings had crossed over $12 million. From Rs 1 lakh to over Rs 100 crore, in just 17 days have triggered allegations, surfacing as to whether the investor was trading using inside knowledge. The Moo Deng pool has a balance of only about $1.8 million in liquidity, meaning cash out for large investments is practically impossible. Liquidation has once again made a return criticism for the memecoin based on Moo Deng.
Moo Deng memecoin investor invested Rs 1 lakh: What exactly is Moo Deng and how it became talk of market in a day?
The memecoin is a derivative based on the name of a two-month-old pygmy hippo named Moo Deng. Moo Deng became an overnight sensation internet personality because of the playful, cheeky moves. The pygmy hippo lives at a zoo in Chon Buri, Thailand. Moo Deng catapulted into fame through videos posted on TikTok and Instagram.
The hippo’s name, “Moo Deng,” is a colloquialism for “bouncy pork” in Thai-a popular snack. Moo Deng got the named through an online poll of 20,000 participants in August of 2024. Memecoins usually come from niche internet cultures, as with Moo Deng. Moo Deng does not differ from other memecoins such as Dogecoin and Shiba Inu. Dogecoin was made as a joke on Bitcoin.
The bull: How did Moo Deng rise in value?
Shiba Inu coin was made as a joke on Dogecoin. Moo Deng eventually became an unwitting poster child for the endangered pygmy hippo species. Memecoins tend to have relatively short lifespans because of the temporary popularity of their muse. Moo Deng’s cuteness became the prime force that catapulted her memecoin. The Moo Deng coin shot up on 27 September to a whopping 90% in 24 hours.
Memecoins like Moo Deng thrive based on the internet’s obsession with particular trends. According to traders, low liquidity might cause problems for major investors in Moo Deng. Moo Deng memecoin came to the front by the X user Lookonchain, who tracks blockchain profits.
In fact, it is along the image of this volatility with memecoins that the Moo Deng coin skyrocketed upward in value very fast. The story has told the world of the events and alerted people to the unpredictability and speculation with memecoins.
Also, see: Japan’s crypto taxes: Big changes coming in 2025!
