The trader turned $815 into $9.4 million on the MOODENG dog meme

An investor spent 6 SOL ($815) to buy 30.1 million Moo Deng meme tokens (MOODENG) in mid-September. Now the fund is estimated at $9.4 million, Lookonchain noted.

This one only cost 6 $ sol($815) to buy 30.1M $MOODENG 17 days ago, now worth $9.4M, 11,534x return! #Moodeng https://t.co/83CP9Vn3jb pic.twitter.com/zJpCFAr3rQ

– Lookonchain (@lookonchain) September 28, 2024

Theoretically, he increased his investment 11,534 times. However, users in the comments noted that the low liquidity of the coin market does not allow him to reap all the benefits.

A trader under the nickname BullsCafe confirmed that the real capitalization of MOODENG is only $1 million with a liquidity of about $135,000 In his opinion, in this situation it is “mathematically impossible” to make a profit of $9.4 million.

🚨 Revealing the $MOODENG Fake Hype 🚨

I saw claims that 6 $ sol ($815) magically turned into $9.4M by $MOODENG in just 17 days? Let’s break down the truth behind this false hype:

🔎 **Real Data**: Current market cap of $MOODENG is only $1M with liquidity around $135K.…

— Bulls Cafe (@BullsCafe22) September 28, 2024

“This is a classic technique. Pump & Dumpused to lure new traders with unrealistic results,” BullsCafe said.

He also said that the promotion of these topics with accounts on social networks with a large number of subscribers just increases the number of victims of scams.

“Countless numbers of meme coins are launched every week, and many disappear overnight. They prey on dreams of instant riches and destroy traders’ investments,” the expert wrote.

As a reminder, Arkham analysts noticed has theoretically grown the named investor’s investment in MOODENG, allowing insider trading.

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