👀👀A Trader Made More Than 1000x Profit on an Obscure Altcoin: But There's a Problem! 👀👀

On-chain data provided by cryptocurrency analysis company Lookonchain revealed an interesting adventure of a trader. This trader witnessed the value of the altcoin he bought by spending $95 to increase to $96.9 thousand in just 12 hours. This means an increase of more than 1000 times. The altcoin in question, INCEPT, caused many cryptocurrency wallets to make 1000x and more profit; however, these wallets are thought to belong to people affiliated with the altcoin's development team. All these wallets were created 4 days ago and only traded INCEPT. Insider trading concerns continue in the cryptocurrency market, especially in memecoins. When a token is released, these insider wallets take a significant portion of the total supply and then when they sell, they reduce the price of the altcoin.

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