when

According to on-chain data provided by cryptocurrency analytics firm Lookonchain, a crypto trader had a surprising adventure.
According to the data, this trader saw the value of the altcoin he bought for $95 increase to $96.9 thousand in just 12 hours. This means an increase of more than 1000 times.
Related News: <a href="https://en.bitcoinsistemi.com/analysts-give-date-for-bitcoins-new-all-time-high/" target="_blank" rel="noopener noreferrer nofollow">Analysts Give Date for Bitcoin's New All-Time High</a>
The altcoin in question, INCEPT, has similarly caused many cryptocurrency wallets to make profits of 1000 times or more, but these wallets are thought to belong to people from the altcoin development team, i.e. insiders.
All of these wallets were created 4 days ago and have only traded INCEPT so far.
The issue of insider trading continues to be a concern in the cryptocurrency market, especially in memecoins. In the first seconds of a token's launch, these insider wallets buy a significant portion of the token's total supply and then dump the price of the altcoin when they sell.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/a-trader-made-more-than-1000x-profit-on-a-little-known-altcoin-but-theres-a-problem/" rel="noopener noreferrer nofollow">A Trader Made More Than 1000x Profit on a Little-Known Altcoin: But There’s a Problem</a>

A Trader Made More Than 1000x Profit on a Little-Known Altcoin: But There’s a Problem

Bitcoin Sistemi EN

Other articles published on Sep 27, 2024

Pepe 69 (PEPE69) Memecoin to Surge Over 19,000% Ahead of Exchange Listings, As SHIB and Dogecoin ...

Global Central Banks Influence Bitcoin’s Rising Value

Coinpedia Fintech News

Coinpedia Fintech News

Crypto Investor Shares Rare Glimpse of Bitcoin Mining in Bhutan

BNY Mellon Receives SEC Approval to Offer Cryptocurrency Custody Services

Join our free newsletter for daily crypto updates!