Author: Frank, PANews

As the market warms up, MEME coins have seen a small surge over the past month. The highlight of this wave is still found on Solana. The MOODENG token, themed around the Thai internet celebrity hippo MooDeng, has successfully topped the charts, becoming the most eye-catching project of September. (Related reading: The MEME coin MOODENG, inspired by the internet celebrity hippo, skyrockets over ten thousand times, driving the market to exhibit a zoo-like trend)

As of September 30, MOODENG's market capitalization reached $220 million, placing it among the top ten MEME coins on the Solana chain, and setting a record for the highest market cap of a project launched on Pump.Fun. Many players on social media have claimed to have gained significant profits through MOODENG. Besides the celebrity effect of MooDeng itself, the success of MOODENG seems to be a case that is not merely coincidental.

Early Development Timing Becomes a Key Factor

In fact, the current highest market cap MOODENG token is not the first MEME coin themed around MooDeng; several related tokens were released over 20 days ago, but only two exceeded a market cap of $100,000, with MOODENG being the most successful. Looking back at the hot topics during this period, the Google search index for MOODENG was not high at its inception, and the timing of creating MOODENG coincided with the eve of MooDeng's global spread. The MOODENG token was created on the evening of September 10, and starting September 12, MooDeng's search index began to rise rapidly.

Thus, good timing became a prerequisite for MOODENG's success. Related themed tokens created either earlier or later did not manage to develop.

In addition to timing, the success of every MEME coin is inseparable from the push of capital. At the early stage of MOODENG's creation, there was not much heat or capital entering. This phase also became a critical period for several main players to enter. The first wave of support for MOODENG came from within the pump.fun curve. According to PANews observations, the initial development of MOODENG relied on several factors. First, trading bots were involved to help boost trading volume, contributing a total of 19.67 SOL in trading volume. This bot platform also provided comment boosting services, making many sniper bots believe that MOODENG was a potential golden dog. Secondly, three mysterious addresses bought 3-5 SOL, filling the pump.fun curve and successfully launching on Raydium. However, these addresses sold all the tokens they held after going live and did not reap the rewards of the subsequent market cap surge, including the creator of the MOODENG token, who also handed over their chips early on.

Largest Holding Earns Nearly Ten Million Dollars with Over 6,000 Times Profit but Has Not Sold

After MOODENG went live on Raydium, the real main players began to enter. The addresses contributing the most to trading volume were some high-frequency trading addresses, whose trading habit was to buy and hold for a few minutes before selling. However, this trading strategy often resulted in losses and is not worth emulating. Nevertheless, these relatively large addresses played a crucial role in the early stages of MOODENG's launch on Raydium.

It seems that some addresses anticipated MOODENG's success, starting to buy in on September 10 and not selling until September 30.

For example, the address 969uz8JLbKfeXdJ91bca6ZLjDtutvFr1FGG8H7KmHqY3 began purchasing a total of 20 million MOODENG tokens on the 23rd, and the price has since increased over five times. As of now, it has not sold. This address currently holds the most tokens of any single address.

Another major holder, shogunfucks.sol, is the address of a DeFi protocol founder. The project's investor Dovey stated that the founder earned an eight-figure profit through MOODENG. This address started buying on the 23rd and accumulated about 18.67 million MOODENG tokens by September 30, valued at approximately $4.53 million. However, the main accumulation of MOODENG by this address included about 1.8 million tokens purchased on September 23 from the address 66bESGfM8YGugav9acG32pKtWvhCX6wzM6DRZomxVUar, which sourced its funds from Coinbase.

The actual largest player of MOODENG, however, is trying to remain hidden. The address 5FGcB2HydTE9pGbHoSjo7ABn4NgeQV8aS9AerD1TZREU spent 9.8 SOL to purchase 38.74 million MOODENG tokens at the time of MOODENG's creation, making it the largest holder of MOODENG. Perhaps to avoid tracking by on-chain hunters, 5FGcB2HydTE9pGbHoSjo7ABn4NgeQV8aS9AerD1TZREU subsequently dispersed these tokens to addresses 9HLb8fGKGMkBQdU41tjKnpa5ZRFscS4ZMoqFxzC4i4KE (14 million tokens), 3jdq8UwHdTmnDunf3e4sBRFTDntqsW7tcSJyHqr6ME7U (5 million tokens), and ADqyWpPKVYCQbCnPY74xusM6JXZ64Rbx5iPL2AGjwMyu (12 million tokens). Therefore, 5FGcB2HydTE9pGbHoSjo7ABn4NgeQV8aS9AerD1TZREU is indeed the largest holder of MOODENG, with a total holding of 38 million tokens, valued at over $9.41 million, from an initial investment of only $1,532. The return rate exceeds 6,142 times.

The funds for this address come from G2YxRa6wt1qePMwfJzdXZG62ej4qaTC7YURzuh2Lwd3t, which has been involved in multiple Rug events on social media. There are also opinions suggesting that this address is from ChangeNOW's hot wallet, which has been used multiple times for hacking attacks. However, it raises suspicion: how did this address know that MOODENG would succeed? How did it manage to buy at the optimal time and hold without selling during the price increase? The MOODENG token was created on September 10, 2024, at 17:25:27 (UTC), and the address's purchase time was at 22:18:58 that evening, when the price of MOODENG was at its lowest. It is evident that this purchase led to a surge in MOODENG, with the price increasing five times within 15 minutes.

Additionally, another address ranked high in holdings, BtTGmbw6iHHAkQpM2gn4igtDh7sqzAcmUMTRokFFbfdk, sourced its funds from 667ku1pQRqWVTApTfiHepAAGS52YCgyJqbr24YTW6xyX. This address bought MOODENG on September 10 at 22:14:52, initially spending 1 SOL ($156) to acquire 18.7 million MOODENG (currently valued at $4.38 million), yielding over 28,000 times profit (having only sold a small portion). This address was also clever, entering at the lowest point and resolutely holding on even after experiencing over a thousand times profit.

There are many similar addresses; several of the top-ranked holding addresses entered before September 13 and seem to have reached a consensus not to sell for the time being. These major holders have thus gained significant profits, and because there were no large holders dumping during the price increase, MOODENG was able to depict a beautiful candlestick chart.

Mysterious Mexican Developer Anticipates MOODENG's Success

Beyond the financial aspect, PANews attempted to find the behind-the-scenes personnel of MOODENG on social media. A blogger claiming to be a Mexican developer appears to be an early developer of MOODENG, known as nebur. As early as September 10, he claimed on Twitter, "I received insider information that a coin will rise to 1M today, and I will be the first to publish it. Who needs CA? I will privately message 5 people in advance." After a few tweets, on September 11, he retweeted a post from @MooDengSOL (the social account for MOODENG tokens), at which point MOODENG had not yet gained traction. Subsequently, nebur began to continuously promote MOODENG on Twitter.

Starting from September 11, several KOLs related to MEME coins, such as @CryptoSanJin666, @caseyfordalexan, @Otiscryptos, @jeetpapi, @chrizzy1999, and @zhangrusheng12, mentioned MOODENG on social media. However, it appears that these bloggers were early discoverers of MOODENG. As MOODENG's market cap gradually increased, more and more players entered the MEME circle, and an increasing number of KOLs continued to promote it.

In summary, the success of MOODENG is inseparable from the celebrity effect of the Thai hippo, which has swept the globe with its MEME culture. Secondly, during the development process of MOODENG, those early major holders seemed to have anticipated MOODENG's high market cap performance and reached a consensus not to sell in large quantities early on, which is also an important reason. However, the similar timing of purchases and unified operational style raises suspicions that there may be some group behind MOODENG intentionally controlling the market. Regardless of how high the market cap rises, these unsold mysterious addresses remain like ticking time bombs, potentially impacting the market, especially before the heat around MooDeng begins to wane.

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