The post MOODENG Trader Misses $6.3 Million Profit By Selling Too Soon appeared on BitcoinEthereumNews.com.

A trader who bought 21 million Moo Deng (MOODENG) tokens 18 days ago is now left with peanuts instead of hitting the million-dollar mark with that purchase. This dramatic discrepancy is in contrast to the performance of the trending Solana meme coin, named after a Thai Hippopotamus from the Khao Kheow Open Zoo in Bangkok. But how did this happen? BeInCrypto reports how that went down and what could become of MOODENG’s price in the short term. Lack of Patience Cost Moo Deng Trader Millions According to Lookonchain, the trader in question bought MOODENG with 26 SOL. This equaled 21 million tokens and was valued at  $3,537 at that time. During that period, the meme coin’s market cap was $210,000. However, as the token’s value dropped and its market capitalization plummeted, the trader took an unrealized loss and sold it for $2.19 SOL, which was worth $297. Days later, Moo Deng’s market cap hit $100 million as many holders made significant gains. But it was not the same for this trader. If the trader had held the token, its value would have been a staggering $6.3 million. Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide Moo Deng Trader Transactions. Source: X/Twitter Despite this loss, MOODENG’s volume has continued to increase. Data from on-chain analytics provider Santiment shows that the Solana meme coin’s volume is nearing $200 million at press time. The volume metric indicates how much monetary value a cryptocurrency has traded over a specific period. This is crucial in assessing market activity and liquidity. When volume decreases, the crypto becomes more illiquid, making it harder for trades to be executed smoothly. However, in Moo Deng’s case, the significant rise in volume suggests that there is still substantial buying and selling activity, demonstrating that interest in the meme coin…

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Filed under: News - @ September 28, 2024 3:21 pm