A crypto trader turned $1,331 into $3.4 million by investing in Moo Deng, but liquidity concerns and insider suspicions arose.
A cryptocurrency investor achieved a remarkable 2,554-fold return on a well-timed $1,300 investment in the hippo-themed Moo Deng (MOODENG) token.
However, this gain has raised suspicions among some community members who speculate that an insider or developer may have been involved.
On Sept. 25, onchain analytics firm Lookonchain identified a crypto trader on the Solana blockchain who traded their way into becoming a millionaire in two weeks.
Data from Solana Blockchain explorer Solscan shows that on Sept. 10, the crypto investor sold 9.8 Solana
worth $1,331 to purchase 38.7 million MOODENG tokens.
In the next two weeks, the market price of the hippo-themed memecoin increased exponentially, eventually turning the initial $1,331 investment to $3.4 million.
Pure luck or insider trading?
However, crypto community members noted that the MOODENG pool had a liquidity of $1.8 million, which would not allow the investor to cash out the entire investment at the current market price.
The staggering price appreciation led many others to suspect the involvement of insider trading or an in-house developer. On the other end of the spectrum, users celebrated the trader while anticipating similar âluckâ in their future trades.Â
The crypto investor purchased $95 of INCEPT tokens and turned it into $96,900 in half a day. Lookonchain also noted that most wallet addresses that recently made profits of similar scale on INCEPT investments âappear to be insider wallets.â
While some crypto investors bet on altcoins hoping for unrealistic returns, others follow the tried and tested hodl strategy.
