A crypto investor turns $1,300 into $3.4M in 15 days.
A cryptocurrency investor invested $1,300 in the Hippo-Moo Deng (MOODENG) token at a good time and made an impressive 2,554-fold return.
However, this surplus has raised suspicions among some community members who suspect that an insider or developer was involved.
On September 25, onchain analytics firm Lookonchain identified a crypto trader on the Solana blockchain trading their way to becoming a millionaire in two weeks.
According to data from Solana blockchain explorer Solscan, on September 10, the crypto investor sold 9.8 Solana (SOL) worth $1,331 to buy 38.7 million MOODENG tokens.
Source: Lookonchain
Over the next two weeks, the market value of the hippo-themed memecoin increased dramatically, eventually turning the initial $1,331 investment into $3.4 million.
Pure luck or insider trading?
However, members of the Crypto community pointed out that MOODENG's pool had $1.8 million in liquidity, which would not allow the investor to withdraw the entire investment at the current market rate.
The dramatic price appreciation has led many others to question insider trading or the involvement of a homebuilder. At the other end of the spectrum, users praised the trader, expecting the same “opportunity” for their future trades.
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On September 26, Lookonchain revealed another trader who made a profit of more than 1,000 times from a $95 altcoin investment in 12 hours.
Source: Lookonchain
The crypto investor bought INCEPT tokens for $95 and exchanged them for $96,900 in half a day. Lookonchain recently said that most wallet addresses that have made similar returns on INCEPT investments “appear to be inside wallets.”
While some crypto investors bet on altcoins hoping for unrealistic returns, others follow the tried-and-true hoddle strategy.
Hoddle's strategy is as profitable as memecoin investments.
One cryptocurrency investor made a $131.72 million profit by investing in Ether (ETH) during the bear market of 2022 and holding onto it for two years of uncertain market conditions.
Diamond hands Ethereum investor buying time. Source: Lookonchain
According to Lookonchain, the investor bought 96,639 ETH from the Coinbase crypto exchange between September 3 and 4, 2022. At the time, Ether was trading at around $1,567.
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