Some top coins of Solana, Bitcoin, and even Ethereum are edging higher. However, while holders are barely up double digits over the past week, a meme coin trader on Solana is swimming in profits at spot rates.
MooDeng Trader Turns $800 To $1.3 Million
According to Arkham, a blockchain intelligence platform, the trader, who got in early, scooping $800 worth of MooDeng, a meme coin in Solana, has seen the investment swell to over $1.3 million roughly two weeks after buying.
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The address, also the largest holder of the MoonDeng meme coin, had already seen the initial investment soar by over 500X by September 17, rising to nearly $400,000. However, a week later, that same investment is up, rising to $1.3 million on September 24.
A glance at MooDeng’s price action shows that the token is inching higher. Notably, this superb performance coincides with a sharp change in fundamental factors following the interest cut by the United States Federal Reserve.
Following the 50 basis point reduction, Ethereum, Solana, and Bitcoin have been firm, shaking off weakness. Specifically, the revival of Solana prices from September lows has been a reprieve for some of its ecosystem tokens, especially meme coins.
Solana Meme Coin Ecosystem Recovering
Over the last week, Solana has added nearly 11%, according to Coingecko data. The expansion has also seen the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours.
Out of this, DogWifHat (WIF) is the largest meme coin on Solana, commanding a market cap of over $1.8 billion. However, the only other meme coin on this network with a market cap exceeding $1 billion is Bonk, at $1.2 billion.
Interestingly, scanning through the top 50 meme coins on Solana, MooDeng, despite its performance, doesn’t feature. Currently, looking at Coingecko, MooDeng is up 48% over the last day, attracting a 24-hour trading volume of over $29.4 million.
Gecko Terminal data shows over 9,800 holders, and each token is changing hands at around $0.06, translating to over $63 million in market cap. Even with the uptick in trading volume and prices, MooDeng is mostly traded on Raydium, a DEX on Solana.
Feature image from DALLE, chart from TradingView