A cryptocurrency investor turned a $1,300 bet on the hippo-themed Moo Deng (MOODENG) token into an astonishing $3.4 million in just two weeks, achieving a staggering 2,554% return.
However, this extraordinary profit has raised eyebrows, with some in the community speculating potential insider trading.
According to on-chain analytics firm Lookonchain, the investor, active on the Solana blockchain, initially sold 9.8 Solana for approximately $1,331 on September 10 to acquire 38.7 million MOODENG tokens. The token’s price surged dramatically over the following days, yielding the massive return.
Yet, skeptics argue that given the MOODENG pool’s liquidity of only $1.8 million, the investor might not have been able to cash out the full amount without impacting the market price, leading to suspicions of insider involvement.
In a similar vein, another trader reportedly turned a $95 investment in INCEPT tokens into $96,900 in less than 12 hours, drawing attention to the possibility of insider trading again, as many wallets profiting from INCEPT appeared linked to insiders.
Meanwhile, other investors are finding success through more traditional strategies. One investor netted a remarkable $131.72 million by acquiring 96,639 ETH during the 2022 bear market and holding onto it for two years, showcasing that patience can also pay off significantly.
As crypto markets navigate another week of volatility and shifting sentiment, traders are increasingly turning their attention to emerging altcoins and high-momentum tokens.
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