Trader increases profits by 50,000% thanks to Solana blockchain memo token

Note: not investment advice!

Cryptocurrency analysts note: on September 10, a trader used the Raydium decentralized exchange on the Solana blockchain SOL $252.21 Solana -1.08% Market capitalization $119.72 billion VOL. 24 hours $1.42 billion to exchange 6 SOL for MOODENG tokens. In a few days, this investment brought incredible profits — the value of the tokens increased 500 times due to the excitement on social media.

Currently, MOODENG is showing a decline of more than 96%, according to the analytical tracker CoinMarketCap. The name of the coin comes from the name of a baby pygmy hippo from Thailand that gained popularity on the Internet, which led to the success of the coin amid the boom in virtual meme coins.

The case demonstrates the trend of traders making huge profits by investing in meme coins associated with viral phenomena. One such example is a trader who turned $ 16,550 into $ 1.8 million using the First Neiro (NEIRO) token, inspired by the Shiba Inu dog breed associated with Dogecoin.

The No Worries editorial team strongly advises readers not to invest their own money in dubious crypto projects and little-known digital assets!