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 (SOL) worth $1,331 to purchase 38.7 million MOODENG tokens.
Source: Lookonchain
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 “luck” in their future trades.
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On Sept. 26, Lookonchain revealed another trader who profited over 1,000 times from a $95 altcoin investment in under 12 hours.
Source: Lookonchain
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 “appear to be insider wallets.”
While some crypto investors bet on altcoins hoping for unrealistic returns, others follow the tried and tested hodl strategy.
Hodl strategy as profitable as memecoin investments
A cryptocurrency investor made a profit of $131.72 million by investing in Ether (ETH) during the 2022 bear market and holding it through uncertain market conditions for two years.
Ethereum purchase timeline of the diamond hands Ethereum investor. Source: Lookonchain
Lookonchain said the investor purchased 96,639 ETH from the Coinbase crypto exchange between Sept. 3 and 4, 2022. At the time, Ether was trading at roughly $1,567.
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