On September 10, an anonymous trader whose Solana wallet address starts with “Db3P” bought 6 SOL worth of a new meme coin called Moo Deng. That $800 investment, which the trader made four hours after the token was launched, was worth around $3.5 million worth of the pygmy hippo tokens earlier Thursday, according to data from Arkham Intelligence.

Alt season is back and in full bloom, though the as-yet-unidentified trader has faced accusations across Twitter of being an “insider” who got an early jump on the coin, or an undisclosed team member who is now reading the rewards.

Of course, it ain’t over until it’s over—and it’ll likely be over when Db3P actually cashes out, which could signal that the whole thing will collapse since the coin isn’t based on anything and has no utility.

And so we wait. Meanwhile, Moo Deng is trading above $0.14 per token as of this writing, up 56% in just the past 24 hours, per CoinGecko. Moo Deng hit a new all-time high price just an hour ago, and now sits at a market cap of $141 million.

Inspired by the Thai pygmy hippopotamus of the same name that has gone viral in recent weeks, Moo Deng has doubled in value over the last two days, surging to become the hot meme coin of the moment. How long will the rocket ship ride last—and will Db3P get off in time? Stay tuned.

Edited by Josh Quittner and Andrew Hayward

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