When a meme coin based on a viral baby hippo in Thailand notches dizzying gains, those fortunes can melt away rather quickly. Simply look at an anonymous trader on Solana who has round-tripped millions of dollars in value these past few days.

It’s the kind of luck that degens dream of: After investing $800 in Moo Deng, an allotment of 30.2 million tokens had swelled to $7.5 million in value late last month. The value of those tokens peaked at just over $10 million on September 28 when the price of the Moo Deng meme coin hit an all-time high.

Even though the trader with a Solana wallet address beginning in “Db3P” has broken up their sizable stash across four Solana addresses, blockchain data examined by Decrypt Monday indicated that the trader has not parted ways with any Moo Deng tokens.

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Author: André Beganski