Ethereum

Solana

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.&nbsp;
Data from Solana Blockchain explorer Solscan shows that on Sept. 10, the crypto investor sold 9.8 Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>) worth $1,331 to purchase 38.7 million MOODENG tokens.&nbsp;
<figure>
 <img alt="Crypto investor turns $1,300 into $3.4M in 15 days" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922dd8-9979-7362-8826-1189b67752c4">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/lookonchain/status/1838981404581142953" rel="null" target="null" text="null" title="https://x.com/lookonchain/status/1838981404581142953">Lookonchain</a>
 </figcaption>
</figure>
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.
<h2 id="pure-luck-or-insider-trading">Pure luck or insider trading?</h2>
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.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/unknown-crypto-whale-scooping-up-wbtc-amid-controversy-lookonchain" rel="null" target="null" text="null" title="null">Unknown crypto whale has been scooping up WBTC amid controversy</a>
On Sept. 26, Lookonchain revealed another trader who profited over 1,000 times from a $95 altcoin investment in under 12 hours.
<figure>
 <img alt="Crypto investor turns $1,300 into $3.4M in 15 days" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922dd9-1438-72ff-9f2e-7f727ae2b9ee">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/lookonchain/status/1839207661931475458" rel="null" target="null" text="null" title="https://x.com/lookonchain/status/1839207661931475458">Lookonchain</a>
 </figcaption>
</figure>
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.
<h2 id="hodl-strategy-as-profitable-as-memecoin-investments">Hodl strategy as profitable as memecoin investments</h2>
A <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-investor-diamond-hands-131-million-profit-eth-2022-bear-market" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-investor-diamond-hands-131-million-profit-eth-2022-bear-market">cryptocurrency investor made a profit of $131.72 million</a> by investing in Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) during the 2022 bear market and holding it through uncertain market conditions for two years.
<figure>
 <img alt="Crypto investor turns $1,300 into $3.4M in 15 days" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922dd9-777b-7bcb-84b8-ff4ea0d7d1a4">
 <figcaption style="text-align: center;">
 Ethereum purchase timeline of the diamond hands Ethereum investor. Source: Lookonchain
 </figcaption>
</figure>
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.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/lady-of-crypto-bull-market-plans-2025-hall-of-flame/" rel="null" target="null" text="null" title="null">Lady of Crypto will be ‘all out of crypto’ by September 2025: X Hall of Flame</a>

Crypto investor turns $1,300 into $3.4M in 15 days

Table of Contents

Cointelegraph

Other articles published on Sep 26, 2024

Assetera Leverages Polygon to Launch Real-World Asset Trading Platform

Coinbase To List Hamster Kombat Perp Futures; HMSTR Price Recovery Ahead?

Mawari Raises $10.8 Million Strategic Funding to Scale Spatial Computing

AVAX price rallies after Avalanche development incentive and mainnet upgrade announcement

Kamala Harris Shifts Stance on Blockchain, Advocating for US Leadership in Technology

Rollblock Featuring Provably Fair Gaming As Users Migrate From Pepe and Shiba Inu For a Piece of ...

Join our free newsletter for daily crypto updates!