Mog (CRYPTO: MOG), a cat-themed meme coin on Ethereum, spiked 46% on Tuesday, with a trader registering a multi-million dollar unrealized profit.
What Happened: The trader, operating under the Ethereum address "mogillionaire.eth," spent 8.8 ETH (around $16,000 at the time) to acquire 3.37 trillion MOG on July 24, 2023, Lookonchain reported.
Demonstrating confidence in his investment, he also registered the domain name "mogillionaire.eth" with dreams of millionaire status.
By Feb. 27, 2024, the 3.37 trillion MOG Coins had spiked to their all-time high value of more than $4 million. At current prices, the holdings are valued around $2.8 million.
Also Read: PEPE Hits All-Time High On 35% Daily Explosion: 'Gearing Up For A 2021 DOGE Pump,' Trader Writes
Why It Matters: Since its launch in July 2023, Mog has risen to a valuation of $353 million. Aevo, the first Derivatives L2 focused on options & perps trading, on Tuesday announced the listing of MOG for trading.
This trader's story highlights the volatile yet potentially lucrative nature of the crypto market, where strategic investments and a bit of luck can lead to substantial financial gain. The rise of "mogillionaire.eth" from a $16,000 investment to a millionaire status underscores the potential exponential gains of meme coins.
Brian Garrett, founder of Future Star, noted the similarity between Pepe's (CRYPTO: PEPE) past month's chart to MOG's current chart.
The trend of the $MOG chart over the course of the past month is extremely similar to that of $PEPE right now $PEPE has a $5 Billion market cap and $MOG is $350 Million I don't see any reason why $MOG can't and/or won't be in the billions soon as well pic.twitter.com/nQkuZAkFFv
— Brian Garrett (@BrianGarrett) May 21, 2024
What's Next: The influence of meme coins Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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