Some top coins Solana, Bitcoin, and even Ethereum are rising. However, while holders have barely managed double-digit gains over the past week, meme coin traders on Solana are swimming in profits at spot rates.

MooDeng Trader Turns $800 Into $1.3 Million

According to Arkham, a blockchain intelligence platform, an early adopter who scooped up $800 worth of MooDeng, a Solana meme coin, saw the investment swell to more than $1.3 million about two weeks after the purchase.

Related reading: Analyst warns of compact squeeze as bitcoin futures market heats up

The address, which is also the largest holder of the MoonDeng meme coin, had already seen its initial investment grow by more than 500X by September 17, growing to almost $400,000. However, a week later, that same investment grew, increasing to $1.3 million on September 24.

A quick look at MooDeng’s price action shows that the token is slowly rising. Interestingly, this excellent performance coincides with a edged change in fundamentals following the US Federal Reserve’s interest rate cut.

Following a 50 basis point drop, Ethereum, Solana, and Bitcoin were mighty, shaking off weakness. Specifically, Solana’s price recovery from September lows provided respite for some tokens in the ecosystem, especially meme coins.

Solana meme coin ecosystem is recovering

According to Coingecko, Solana has gained almost 11% in the past week dataThe expansion also pushed the total market capitalization of Solana meme coins to $7.2 billion, up 8% in the past 24 hours.

Of these, DogWifHat (WIF) is the largest meme coin on Solana, with a market cap of over $1.8 billion. However, the only other meme coin on the network with a market cap of over $1 billion is Bonk, with a market cap of $1.2 billion.

Interestingly, when looking at the top 50 meme coins on Solana, MooDeng, despite its performance, does not appear. Currently, looking at Coingecko, MooDeng is up 48% over the past day, attracting a 24-hour trading volume of over $29.4 million.

Gecko Terminal Data can be seen over 9,800 holders, with each token changing hands at around $0.06, which translates to over $63 million in market capitalization. Even with the growth in trading volume and prices, MooDeng is primarily traded on Raydium, Solana’s decentralized exchange.

Featured image from DALLE, chart from TradingView