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Some of the top Solana coins, Bitcoin, and even Ethereum are on the rise. However, even though the owners of the digits doubled last week, the meme coin trader in Solana is swimming in profits in tangible amounts.
MooDeng Trader Turns $800 to $1.3 million
According to Arkham, a blockchain intelligence platform, a trader, who arrived in the morning, found $800 worth of MooDeng, a meme coin in Solana, and saw the investment. swell up over $1.3 million approximately two weeks after the purchase.
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Address, which is also the largest owner of the MoonDeng meme token, had already seen the initial investment increase more than 500X on September 17, to almost $400,000. However, a week later, that same investment increases, rising to $1.3 million on September 24.
Looking at the MooDeng price action shows that the token is very high. Notably, this excellent performance coincides with a sharp change in priorities following the United States Federal Reserve’s cut in interest rates.
After the 50-point reduction, Ethereum, Solana, and Bitcoin were strong, shaking off weakness. Specifically, the revival of Solana prices from the September lows has been a release for other tokens in the ecosystem, especially meme coins.
Solana Meme Coin Ecosystem Recovering
In the past week, Solana has added about 11%, according to Coingecko data. This expansion also saw the total market cap of Solana memes increase to $7.2 billion, up 8% in the last 24 hours.
This time, DogWifHat (WIF) is the largest meme coin in Solana, leading a market capitalization of over 1.8 billion. However, the only other meme coin on the network with a market cap above $1 billion is Bonk, at $1.2 billion.
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Interestingly, scanning through the top 50 meme coins in Solana, MooDeng, despite its performance, is not included. Currently, if you look at Coingecko, MooDeng is up 48% in the last day, attracting a 24-hour trading volume of more than 29.4 million dollars.
Gecko Terminal Data exhibitions over 9,800 owners, and each token changes hands for about $0.06, translating over $63 million in market cap. Even with the increase in trading volume and prices, MooDeng is more traded on Raydium, DEX on Solana.
Insert image from DALLE, chart from TradingView