On September 10, an anonymous trader whose Solana wallet address begins with “Db3P” purchased a new meme coin called Moo Deng worth 6 SOL. That $800 investment, which the trader made four hours after the token's launch, was worth around $7.5 million in pygmy hippopotamus tokens as of Friday, according to blockchain data.

That's up from $3.5 million early Thursday, when Arkham Intelligence last reported this trader's incredible gains. Decipher Following further price increases, the company examined blockchain data on Friday and found that there are still about 30.2 million MOODENG tokens between the main wallet and three others after transfers to these wallets last week. No tokens have been sold yet.

Alt season is back and in full bloom, although the as-yet-unidentified trader has faced accusations on Twitter that he is an “insider” who jumped on the coin early or an unknown team member now reading the rewards.

Of course, it ain't over until it's over – and it probably will be over when Db3P actually pays out money, which could indicate that the whole thing is collapsing since the coin is based on nothing and has no utility.

And so we wait. Meanwhile, according to CoinGecko, Moo Deng is trading above $0.25 per token as of this writing, up 83% in the last 24 hours. Moo Deng hit a new all-time high just two hours ago and now has a market cap of $243 million.

Inspired by the Thai pygmy hippopotamus of the same name that has gone viral in recent weeks, Moo Deng has almost doubled in value over the last day and shot up 1,300% in a week, making it the trending meme of the moment -Coin developed.

How long will the rocket ride take – and will Db3P get out in time? Stay tuned.

Edited by Andrew Hayward

Editor's Note: This story was originally published on September 26, 2024. It was last updated on September 27th with updated pricing information and additional blockchain data analysis.