A savvy crypto investor managed an impressive 2,554-fold return on the Moo Deng (MOODENG) token, turning a modest $1,300 into a stunning $3.4 million in just 15 days. However, this extraordinary upswing in fortunes has raised eyebrows leading to speculations about possible insider trading or developer meddling.
Analytics firm Lookonchain identified the trader, operating on the Solana blockchain, who climbed the millionaire ladder in a fortnight. Data culled from Solana Blockchain explorer Solscan revealed that on Sept. 10, the investor exchanged 9.8 Solana valued at $1,331 for 38.7 million MOODENG tokens. The market price of this hippo-themed meme coin then skyrocketed, magnifying the investor’s initial stake to a cool $3.4 million.
The crypto community rapidly started questioning the liquidity levels of the MOODENG pool standing at $1.8 million, insufficient to enable the investor to offload the entire investment at the existing market price. Skeptics argued this staggering profit spike hinted towards possible insider trading or developer involvement, while others cheerfully hoped to emulate the millionaire investor’s fortune.
Another instance detailed by Lookonchain was an investor making over a thousand-fold profit within 12 hours on a $95 INCEPT token investment, leading to suspicions of insider wallets. These speculative fortunes contrast starkly with more traditional risk-managed crypto strategies.
An Ethereum investor made a handsome $131.72 million profit by investing in Ether during the challenging 2022 bear market and persisting through market volatility for the subsequent two years. Despite the seductive appeal of skyrocketing meme coin returns, this points out to the effectiveness and profitability of patience, risk management and a long-term ‘hodling’ strategy in the world of cryptocurrency.