Trader Reaps $140K in Just 20 Minutes
The world of cryptocurrency is often seen as a playground for those looking to make quick profits, and for one trader, this dream became a reality. On October 25, 2024, Binance, the largest cryptocurrency exchange, made a significant announcement that set the stage for an incredible trading feat. The announcement of the MOODENG perpetual contract listing was the catalyst for a savvy trader to take action. Armed with 1,300 SOL, equivalent to a substantial investment, the trader purchased 2.77 million MOODENG meme tokens, as reported by Lookonchain.
Binance’s MOODENG Perpetual Contract Sparks Interest
The announcement from Binance regarding the MOODENG perpetual contract was a game-changer. The value of MOODENG surged dramatically following this revelation. Capitalizing on this momentum, the trader swiftly sold the 2.77 million meme tokens for 2,109 SOL, achieving a remarkable profit of 809 SOL, translating to approximately $140,000. This impressive feat was not an isolated incident for this trader. Just a day earlier, on October 24, 2024, the trader applied a similar strategy to the GOAT perpetual contract listing, netting 99 SOL, worth $17,000. The strategic moves and quick gains have caught the eye of crypto enthusiasts, causing a stir on social media platforms and increasing interest in the MOODENG token.
Examining the Current Price Momentum of MOODENG
As of the latest updates, MOODENG is trading at approximately $0.228, marking a substantial price increase of over 190% in the last 24 hours. This surge is accompanied by a remarkable 470% rise in its trading volume, signaling a significant influx of traders and investors following its listing on Binance. With this upward trajectory, the market capitalization of the meme coin has exceeded $200 million, reaching a current value of $224.60 million. These figures highlight the growing interest and potential of MOODENG in the dynamic crypto market.
Understanding MOODENG’s Rising Open Interest
The heightened trader interest in MOODENG is evident from the 350% increase in open interest over the past 24 hours, with an additional 32% rise in just the past four hours. This increase in open interest suggests a growing number of active positions, likely fueled by the coin’s recent listing on Binance. Data from CoinGlass further indicates a bullish sentiment among traders, with MOODENG’s long/short ratio standing at 1.03. This ratio underscores the optimism in the market, as traders anticipate further upward movement in the value of MOODENG.
