Moodeng memecoin user invests Rs 1 lakh to make over Rs 100 crore in 17 days

Moo Deng’s cuteness appeared to be the driving force behind the new coin, which was up 90 percent over 24 hours on September 27, CNN reported.

A cryptocurrency user has reportedly made more than $12 million (about Rs 100 crore) in only 17 days after investing $1.3K (about Rs 1 lakh) in the newly-launched Moo Deng memecoin. X user Lookonchain, an account on making money on blockchain, highlighted how the investor spent 9.8 Solana tokens worth $1.3K to buy Moodeng.

They bought the tokens on September 10 and sold $104K Moodeng for $17.9K on September 27. They made  $38.64 million from it. Since the price of the memecoin has soared ever since, his holdings were worth more than $12 million on September 28. So in 17 days, their Rs 1 lakh investment was worth more than Rs 100 crore.

Turned $1,331 into over $9.5M in only 16 days, a 7,140x return! #MOODENG

This guy spent 9.8 $SOL($1,331) to buy 38.7M $MOODENG on Sept 10 and sold 104K $MOODENG for 112 $SOL($17.9K)today, leaving 38.64M $MOODENG, worth more than $9.5M!https://t.co/gCR15Bjrccpic.twitter.com/gaMG0BvKdB Lookonchain (@lookonchain) September 27, 2024

Traders have, however, raised concerns about the investor being an insider trader as the Moodeng pool has limited liquidity of $1.8 million, which restricts the cashing out of such a huge investment, Coingape reported.

Moodeng coin is just the latest product of a niche online culture that also birthed Dogecoin (created as a joke on Bitcoin) and Shiba Inu coin (a joke on Dogecoin). It was created in honour of Moo Deng -- a two-month-old pygmy hippo who has gained massive internet popularity because of her cheeky expressions and playful frolicking. The pint-sized creature went viral a couple of weeks ago after her handlers posted videos of her on TikTok and Instagram from her home at a zoo in Chon Buri, Thailand.

Moo Deng-- whose name in Thai means "bouncy pork", a popular snack -- is now an unwitting poster child for the endangered pygmy hippo. He won the moniker in an online poll participated in by 20,000 people in August, The Guardian reported.

this is viral video in america ##Moodeng##khaokheowzoopic.twitter.com/b38HMc7xxs Khao Kheow Open Zoo (@KhaokheowZoo) September 27, 2024

Memecoins usually have a short lifespan that lasts as long as their muses are in the news. Moo Deng’s cuteness appeared to be the driving force behind the new coin, which was up 90 percent over 24 hours on September 27, CNN reported.