On September 10, an anonymous trader whose Solana wallet address starts with “Db3P” bought 6 SOL worth of a new meme coin called Moo Deng. That $800 investment, which the trader made four hours after the token was launched, was worth around $7.5 million worth of the pygmy hippo tokens on Friday, according to blockchain data.

That's up from $3.5 million early Thursday, when Arkham Intelligence last rang the bell about this trader's incredible gains. Decrypt examined blockchain data on Friday, following further price gains, and found that approximately 30.2 million MOODENG tokens are still being held between the main wallet and three others, following transfers to those wallets last week. No tokens have been sold yet.

Alt season is back and in full bloom, though the as-yet-unidentified trader has faced accusations across Twitter of being an "insider" who got an early jump on the coin, or an undisclosed team member who is now reading the rewards.

Of course, it ain’t over until it’s over—and it’ll likely be over when Db3P actually cashes out, which could signal that the whole thing will collapse since the coin isn’t based on anything and has no utility.

And so we wait. Meanwhile, Moo Deng is trading above $0.25 per token as of this writing, up 83% in just the past 24 hours, per CoinGecko. Moo Deng hit a new all-time high price just 2 hours ago, and now sits at 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 nearly doubled in value over the past day and skyrocketed by 1,300% in a week, surging to become the hot meme coin of the moment.

How long will the rocket ship ride last—and will Db3P get off in time? Stay tuned.

Edited by Andrew Hayward

Editor's note: This story was originally posted on September 26, 2024. It was last updated on September 27 with updated price information and additional blockchain data analysis.

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