When the crypto world gets wind of a viral baby hippo from Thailand, the degens jump in, and fortunes start spinning. Just ask the anonymous Solana trader who turned $800 into millions in the latest meme coin frenzy. But as any seasoned trader knows, meme coin fortunes rise fast and can crash even faster.
Meme Coin Madness Hits Solana
The anonymous trader, whose Solana wallet address starts with “Db3P,” scooped up 30.2 million Moo Deng tokens for a meager $800, just four hours after the token launched. By late September, the trader was riding a euphoric wave, with their hippo stash valued at a jaw-dropping $7.5 million. A few days later, the value hit an all-time high of $10 million when Moo Deng peaked on September 28. But, as with many meme coins, the wind shifted.
Despite breaking up their holdings across four different Solana addresses, blockchain data shows the trader hasn’t sold a single token. That might seem crazy—especially when you see the token price tanking. Moo Deng is down 65% from its peak, now hovering around $0.12 after briefly dipping to $0.10. Still, the tokens are worth $3.8 million, not bad for an $800 bet.
Liquidity Trap: Whale Can’t Cash Out
So why hasn’t the whale cashed out? The answer is simple but brutal: they can’t, at least not without wrecking the market. The Moo Deng pool on Raydium, the decentralized exchange where it trades, only holds about $3.2 million in liquidity. If the whale even tried to sell small chunks, the price would plummet. Analysts on Jupiter, a Solana DEX aggregator, estimate that dumping the entire stash would crash Moo Deng’s price by 50%.
Meme coins live and die on hype and liquidity. Mark Cuban himself called it a “game of musical chairs,” and the music’s slowing down. While the Moo Deng trader watches their paper gains shrink, copycats on Ethereum are already cashing in. A knockoff version of Moo Deng on Ethereum saw a brief surge after Vitalik Buterin dumped some of the tokens for charity.
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