A crypto investor reportedly got an extraordinary return 2,554 times the $1,300 he had used as an investment against the hippo-themed Moo Deng token, MOODENG.
The huge profit has raised eyebrows in the community, leading some to speculate whether a backer insider or developer was involved in the transaction.
According to the on-chain analytics platform Lookonchain, the trader built his fortune in just two weeks on the Solana blockchain. Data by Solana Blockchain explorer Solscan also indicated that on September 10, the investor exchanged 9.8 Solana worth $1,331 for 38.7 million MOODENG tokens.
This guy turned $1,331 into $3.4M in only 15 days, a 2,554x return! 😱
He spent 9.8 $SOL($1,331) to buy 38.7M $MOODENG on Sept 10, now worth more than $3.4M!https://t.co/ADTPSX1IgI pic.twitter.com/3BMBD7Um26
— Lookonchain (@lookonchain) September 25, 2024
Over the past fortnight, the market price of one such hippo-themed memecoin has exploded so that an initial investment of $1,331 was catapulted to reach a cool $3.4 million.
Insider Trading vs. Luck
Yet, community members in the crypto space complained that the MOODENG pool only had $1.8 million in liquidity because an investor could not cash out at the current market value.
The sudden price increase fed speculation of insider trading or an in-house developer. On the other hand, many users complimented the trader and wished him a similar fortune in his future investments.
On Sept. 26, blockchain tracker Lookonchain showed another trader that made more than 1,000 times profit with a $95 altcoin investment in less than 12 hours.
Unbelievable!😱
Turned $95 into $96.9K in just 12 hours—more than a 1000x return!
Many of the wallets that made ~1000x profit on $INCEPT appear to be insider wallets. They were all created 4 days ago and have only traded $INCEPT.https://t.co/AvNHFbRjpO pic.twitter.com/aOm3z1VXAx
— Lookonchain (@lookonchain) September 26, 2024
The investor turned a $95 purchase of the INCEPT token into $96,900 within half a day. Lookonchain also pointed out several wallet addresses with similar windfall gains from INCEPT appeared to have been “insider wallets.”
The Impact of the Bear Market on Crypto Investments
There are people in crypto who look for altcoins expecting the major returns and there are those who prefer to use the well-known hold strategies.
One such cryptocurrency investor has managed to earn a staggering $131.72 million by purchasing Ether (ETH) during the bear market in 2022 and holding the asset over two years even when the getting was tough.
As reported by the blockchain monitoring company Lookonchain, the investor bought, between September 3 and 4, 2022, exactly 96,639 ETH at the Coinbase exchange when the market price of one ETH token was about $1567.
