From Rs 1 lakh to Rs 100 cr: How one user profited from Moodeng Memecoin in 17 days

A cryptocurrency user reportedly made over $12 million (about Rs 100 crore) in just 17 days after investing $1,300 (around Rs 1 lakh) in the newly launched Moo Deng memecoin. An account called Lookonchain, which focuses on blockchain investments, pointed out that the investor purchased 9.8 Solana tokens for $1,300 to buy Moo Deng.

They purchased the tokens on September 10 and sold $104,000 worth of Moodeng for $17,900 on September 27, resulting in a profit of $38.64 million. Following the continuous increase in the price of the memecoin, their holdings were valued at over $12 million on September 28. As a result, their initial investment of Rs 1 lakh grew to more than Rs 100 crore in just 17 days.

Traders have raised concerns that the investor might be an insider trader because the Moodeng pool has limited liquidity of $1.8 million. This makes it difficult to cash out such a large investment, according to Coingape.

Moodeng coin is the latest product from a niche online culture that also produced Dogecoin (created as a joke about Bitcoin) and Shiba Inu coin (a joke about Dogecoin). It was named after Moo Deng, a two-month-old pygmy hippo who became an internet sensation due to her playful expressions and antics. Videos of her, shared by her handlers on TikTok and Instagram from a zoo in Chon Buri, Thailand, went viral a few weeks ago.

Moo Deng's name in Thai means "bouncy pork," which is a popular snack. She became an unwitting symbol for the endangered pygmy hippo after winning an online poll with 20,000 participants in August, according to The Guardian.

Memecoins typically have a short lifespan, often lasting only as long as their inspirations remain popular in the news. The cuteness of Moo Deng seems to be the main reason behind the new coin's success, as it surged by 90 percent in just 24 hours on September 27, according to CNN.