A cryptocurrency investor has achieved a staggering return of over $9.5 million on investment with the hippo-themed Moo Deng, MOODENG token in just 16 days.
Trader Turns $1,300 to $9.5M, Source: Twitter
On September 10, data from on-chain analytics firm Lookonchain revealed that a trader on the Solana blockchain spent 9.8 SOL, approximately worth $1,331, to purchase 38.7 million MOODENG tokens.
Within just two weeks, on September 27, the investor sold 104,000 MOODENG tokens for about 112 SOL, valued at around $17.9K. After that the trader has the remaining 38.64 million tokens, leaving a balance valued at over $9.5 million​.
This meteoric rise raised eyebrows, as many community members began questioning whether this success was the result of pure luck or potential insider trading.
The trading activity has led to significant speculation among crypto enthusiasts. Concerns were amplified by the fact that the liquidity pool for MOODENG was reported to be only $1.8 million.
The difference in liquidity means that the investor couldn’t cash out the full amount without affecting the token’s price significantly. This has led some community members to suspect insider knowledge or manipulation by developers, as they believe such a rapid gain is unlikely to happen without some unfair advantage.
Also Read: Crypto Trader Turned $80K Into $1.2M Just to Lose It All
