Moo Deng, the trending meme coin inspired by Thailand’s pygmy hippo star, has started declining in value after a rapid rise over the past few days. Yet, the largest token holders haven’t sold their holdings as they hope for a rebound.
Moo Deng’s market cap peaked at $322 million on September 28th. At the time, it traded at $0.32. However, data from DexScreener shows that the meme coin has dropped by nearly 45% to $0.18. Despite the downtrend, one early investor who purchased $800 worth of Moo Deng when it launched hasn’t sold a single token.
Moo Deng Millionaire’s Investment Drops to $5 Million
As of this writing, the investment has plunged to $5 million. When Moo Deng peaked at $0.32, the investment was worth over $10 million. But why has the investor not cashed out yet? Well, it could be due to low liquidity. The meme coin liquidity pool has about $3 million worth of Solana, less than the investor’s token holdings’ value.
Moreover, the investor might be refraining from selling to avoid causing a market crash. That’s because small Moo Deng token holders are monitoring the investor’s wallet. So, if they notice any selling activity, they may panic and start dumping their tokens, prompting a deeper dip.
The Rise of Moo Deng
Moo Deng started growing in popularity on September 19th when Thailand’s pygmy hippo star rose to fame on the Internet. Five days later, the meme coin, created on Pump.fun, saw its market cap reach $70 million. What’s more, its X fanbase shot to 39,000 followers, exceeding the total count of token holders.
Within a week into its launch, Moo Deng had rallied 589%, becoming the top-performing token launched on pump.fun. It continued trending upward last week until on-chain lookers discovered a wallet holding tokens worth millions, which were purchased with just $800.
The discovery has prompted some crypto users to raise concerns over the anonymous whale. Considering the whale bought Moo Deng a few minutes after its launch, critics believe he/she is an insider.
