An unidentified insider has reportedly gained a staggering 812 times their initial investment in three hours, leveraging $HULK cryptocurrency. The trader transformed an investment of 7.1 Solana tokens (equivalent to approximately $1,200) into 5,753.6 Solana tokens, netting nearly $978,000.
Snap | Source: X Details of the Trade
The individual utilized four new wallet addresses to purchase a significant 19% of the total supply of $HULK, amounting to 190.2 million tokens. Following the acquisition, the insider sold all these tokens, receiving 5,760.7 Solana tokens. This large-scale transaction led to personal financial gain and significantly impacted the $HULK market.
Following the massive sell-off by the insider, the price of $HULK plummeted by more than 85%. This dramatic price drop reflects the volatile nature of cryptocurrency markets, where large transactions can lead to sudden and severe price fluctuations.
This incident serves as a stark reminder of the inherent risks associated with trading digital assets, where market sentiment can shift drastically due to the actions of a few individuals.