The internet's most beloved pygmy hippo helped a cryptocurrency user earn over $12 million in just two weeks after investing in the new Moo Deng memecoin.
Moo Deng, a 2-month-old pygmy hippo from Khao Kheow Open Zoo, has captured the hearts of millions online. Meme coins are crypto assets named after trending memes, often featuring animals.
In a post on X, user Lookonchain, who shares blockchain updates, posted a screenshot showing a cryptocurrency user investing $1,300 on September 10 in Moodeng coins. When the price of the memecoin surged, their investment grew to over $12 million by September 28. In total, they earned more than $12 million from their initial $1,300 investment.
What is Moodeng coin?
Moodeng coin joins Dogecoin and Shiba Inu as popular internet-driven memecoins. It was created after Moo Deng, a two-month-old pygmy hippo in Thailand, went viral on social media due to her size and playful videos. The name Moo Deng translates to "bouncy pork" in Thai, inspired by a popular children's snack.
Despite the short lifespan of most memecoins, Moo Deng's rise to internet fame has driven the coin's value up by 90% within just 24 hours.
Moo Deng: an internet sensation
This playful hippo has even inspired beauty trends. Influencers worldwide are paying tribute to her by recreating her signature look of chubby pink cheeks and smooth skin. "When Moo Deng was born, I aimed to make her famous, but I never imagined she'd go international," her zookeeper told the media.
However, the meteoric rise of Moo Deng has not been without controversy. The anonymous trader has faced accusations across Twitter of being an insider who got an early jump on the coin, or an undisclosed team member reaping the rewards. The coin's value is not based on anything tangible and has no utility, leading to speculation that the whole thing could collapse when Db3P cashes out.
The meme coin market, in general, is experiencing a surge, with established coins and tokens like Dogecoin, Floki, and Pepe all seeing price increases. However, newer investments like Moo Deng are seeing even bigger spikes. This trend is not limited to Moo Deng alone. Other meme coins, such as the MOTHER token associated with Australian rapper Iggy Azalea, have also seen significant price surges.
Experts Warn
Despite the excitement around meme coins, experts warn of the risks associated with such investments. Meme coins often lack real-world utility or intrinsic value, and their value can be heavily influenced by hype and social media trends, which can disappear rapidly. This can lead to a potential collapse in price. Additionally, there are concerns about potential market manipulation and the risk of a sudden drop in value when early investors decide to sell.
Historically, similar events have occurred in the cryptocurrency market. For instance, Dogecoin, another meme coin, saw a massive surge in value earlier this year, driven largely by social media hype and celebrity endorsements. However, its price has since fallen significantly, demonstrating the volatility and risk associated with such investments.
In conclusion, while the rise of Moo Deng and other meme coins can be exciting for some investors, it's crucial to approach such investments with caution. The volatile nature of these coins, combined with their lack of underlying utility, makes them a risky investment.
As the story of Moo Deng continues to unfold, all eyes will be on the anonymous trader Db3P and the future of this hot meme coin. The world of cryptocurrency is unpredictable, and while the potential for high returns can be enticing, the risks are equally high.
