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Panicked Solana Meme Coin Trader Misses Out on $6.3M Gains

Panicked Solana Meme Coin Trader Misses Out on $6.3M Gains

DailycoinDailycoin2024/09/30 22:04
By:Dailycoin
  • Baby hippo-styled Moo Deng meme coin has soared 130,000% since its arrival.
  • Ill-timed selling action sets a trader back $6.3M in unrealized profit.
  • The Meme coin department taps 20% capital growth in one week.

As the meme coin bonanza last week unveiled multiple triple-digit winners, some large traders fell victim to drastic meme coin price fluctuations. One of the latest instances involves the viral meme Moo Deng, a happy baby hippo that’s entered the blockchain’s realm on Solana (SOL) .

SOL Trader Buys MOODENG on Launch

A few days after being minted on Solana, $MOODENG quickly gained traction. The coin has skyrocketed by over 130,000% since its inception on September 10, 2024. However, the massive green candles did not come without drastic price swings, liquidating many unfortunate traders.

Moodeng holder count continues to increase while price ranges around $0.23-$0.29.

coins are becoming more distributed

could range for a while before another move upwards pic.twitter.com/hemulXDpSn

— Bitcoin Maxi (@Im_Hxrrison) September 29, 2024

On the first day of MOODENG trade in Solana’s decentralized waters, the major crypto player discovered it just an hour after the baby hippo arrived on SOL. The meme trader bought 21 million MOODENG tokens for the price of 26 SOL, worth $3,537 at stamped transaction time.

SOL Trader’s Mistake Costs $6.3 Million

On the evening of September 10, MOODENG had sharply fallen below its already small market capitalization of $210K. To compare, its current market cap encircles a hefty $220,870,277.

As MOODENG hits price discovery on major crypto price aggregators, several major centralized exchanges, including MEXC, HTX, and Bitget, have already listed the token.

However, the extreme MOODENG price fluctuations during launch day on September 10, 2024, scared the SOL major player enough to eliminate the MOODENG tokens at a huge deficit. The trader was unfortunate enough to sell all 21M tokens for 2.19 SOL, worth just over $300 at the time.

What an unlucky guy!

The 21M $MOODENG he sold for $297 is now worth $6.3M! #MOODENG

He discovered $MOODENG one hour after it started trading and spent 26 $SOL ($3,537) to buy 21M $MOODENG, which had a $210K market cap at the time.

However, when $MOODENG dropped, he panicked and… pic.twitter.com/XUt9lAk2yU

— Lookonchain (@lookonchain) September 28, 2024

If the trader had kept the meme tokens, the MOODENG stash would be worth $4.7 million now, down from a $6.3 million evaluation before Monday’s market correction. As of press time, MOODENG is changing hands at $0.2239, with an 8.6% drop over the past 24 hours.

On the Flipside

  • LookOnChain smart money tracker also revealed multiple Solana meme coin whales who have capitalized on MOODENG’s 130,000% rally in the millions.
  • For instance, one Solana meme coin investor spent 6 SOL to acquire 30.1M Moo Deng (MOODENG) tokens, whipping up returns of 11,534% in three weeks.

Why This Matters

Cautionary trading examples can help crypto traders avoid emotion-based trading, which often leads to bad timing or irrational decisions.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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