Trader Loses Millions in Moo Deng Meme Coin Trade

Meme coins are notoriously volatile, rising and falling based more on sentiment than underlying fundamentals. In an interview with Farokh Sarmad of Decrypt partner Rug Radio, Shark Tank star Mark Cuban said, “Meme coins are like a game of musical chairs.”

As interest in meme coins on Solana began to wane, a copycat version of the token gained significant traction on Ethereum.

After Ethereum co-founder Vitalik Buterin sold Moo Deng on Ethereum to fund charity, the coin’s price skyrocketed. Peaking at $0.000246, the token’s price has since fallen 23% to $0.000188. However, the coin is still up 325% over the past day.