Crypto Trader Turns $1,300 into $3.4M in Just 15 Days, Raising Eyebrows
A jaw-dropping return sparks debates over insider trading in the Moo Deng memecoin surge.
In the fast-paced world of cryptocurrency, fortunes can be made overnight—and sometimes, suspicion follows swiftly behind. A crypto investor recently turned a modest $1,300 investment into an astonishing $3.4 million in just 15 days by riding the meteoric rise of Moo Deng (MOODENG), a hippo-themed memecoin. However, as word of this incredible return spread, concerns about insider trading and liquidity issues began to cloud the celebration.
The incredible trade was brought to light by onchain analytics firm Lookonchain, which traced the investor’s moves on the Solana blockchain. According to data from Solscan, the crypto trader purchased 38.7 million MOODENG tokens on September 10, using just 9.8 Solana (SOL), valued at $1,331. In an unexpected turn of events, the token’s value exploded over the following two weeks, transforming the initial stake into a life-changing $3.4 million.
While this success story has captivated the crypto community, not everyone is convinced that luck alone was at play. Some traders have raised suspicions of insider trading or developer involvement. The Moo Deng pool, where the investment was made, has a liquidity of only $1.8 million—far less than the $3.4 million that the investor’s tokens are now worth. This discrepancy has fueled concerns that the trader might have had privileged knowledge or access to market manipulation.
A member of the crypto community shared their doubts, stating, “The liquidity doesn’t support that kind of cash-out, which makes it hard to believe this was just a random win. It feels like there might be more going on behind the scenes.”
Despite the suspicions, many other investors are simply celebrating the trader’s windfall and hoping to replicate their success. For every skeptic, there’s a hopeful trader who sees this story as proof that big gains are possible in the volatile world of altcoins and memecoins.
As further evidence of the wild fluctuations in the market, Lookonchain also revealed another staggering success on September 26. Another investor turned a mere $95 investment into $96,900 in just 12 hours by betting on INCEPT tokens, another small altcoin. However, Lookonchain noted that many wallets profiting from INCEPT’s rise appeared to be “insider wallets,” deepening the controversy surrounding such dramatic returns.
While speculative altcoin investments like Moo Deng and INCEPT capture the headlines, some investors take a more conservative approach. The tried-and-true strategy of holding (or "hodling") high-value cryptocurrencies like Ethereum (ETH) can also deliver enormous profits over time. One savvy investor, for instance, made a whopping $131.72 million by purchasing 96,639 ETH during the 2022 bear market and holding on for two years through turbulent conditions.
As the Moo Deng saga continues to unfold, the crypto world is left wondering: Was this a stroke of luck, or yet another example of the murky waters of insider trading in decentralized finance?
photo source / Blockonome
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