A cryptocurrency investor reportedly turned an initial investment of $1,300 (around ₹1 lakh) into over $12 million (approximately ₹100 crore) in just 17 days by trading the newly launched #MOODENG memecoin. According to Lookonchain, an account focused on blockchain profits, the user purchased 9.8 Solana tokens for $1,300 on September 10. They sold $104,000 worth of Moodeng for $17,900 on September 27, making an impressive profit of $38.64 million.
The price of the memecoin continued to rise, and by September 28, their holdings were valued at over $12 million. So, within just 17 days, their investment of ₹1 lakh skyrocketed to more than ₹100 crore.
Traders have expressed concerns that the investor may be engaging in insider trading, as the Moodeng pool has limited liquidity of just $1.8 million. This makes it difficult to cash out such a large investment, according to Coingape.
