Last updated:
Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
Share
Why Trust Cryptonews
One lucky meme coin trader turned a $400 investment in the two-week-old baby hippo-themed Solana meme coin Moo Deng ($MOODENG) into over $420,000.
Moo Deng is based on the eponymous adorable baby hippo internet sensation in Thailand’s Khao Kheow Open Zoo in Chonburi.
Her name means “bouncy pork” in the local lingo and the pygmy went viral after various online videos surfaced showing her cute hyperactive demeanour and always moist appearance.
According to meme coin wallet tracker Kakashi (X handle: @KKashi_YT), the anonymous investor made an initial purchase of $401 worth of $MOODENG, which blew up to close to half a million dollars.
They then sold what was worth $60,000 at the time and kept $363,000.
According to SolScan, the anonymous trader’s wallet now holds a $MOODENG stash worth $726,770.
$MOODENG’s first two weeks of trading show frantic bullish activity with frequent cup-and-handle patterns being formed by the candles, alongside near-vertical ascents.
There isn’t enough data to be able to accurately predict whether the rally will end soon or continue indefinitely.
A falling relative strength index (RSI) of 50 suggests $MOODENG’s price may briefly hold at its current level, but whether it continues to go up is contingent on the token’s overall popularity.
It’s currently up 30% in the last 24 hours with a market cap approaching $86 million.
$MOODENG and Memebet Casino Signal the Start of Meme Season
Moodeng is an exemplary reminder of the kind of market fervor that propels meme coins into the limelight.
However, once they’re there, eyebrows remain raised as to what people can actually use them for.
However, one ascendant new project called Memebet hopes to change that.
It has quietly raised well over a quarter of a million dollars in under a fortnight thanks to its first-of-its-kind premise: it’s the web’s first online casino where players use meme coins.
The presale launched last week and the $MEMEBET token received over $200,000 in investments in just two days.
With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years alongside the growing adoption of crypto, $MEMEBET is positioned to take advantage of both emerging technologies, unlike Sui Network.
$MEMEBET tokens unlock a range of benefits for players, including airdrop rewards, special VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes, featuring real-world prizes and casino bonuses.
The project also launched a 400 million $MEMEBET airdrop.
To join, simply buy some tokens, wait for the launch of the casino (before the end of the presale), and begin gaming and betting to secure rewards.
Stay updated on the latest Memebet news and developments on X and Telegram.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
