A Cryptocurrency Investor Turned $1,331 into $3.4 Million in Just Two Weeks

The rapid gains, however, have sparked suspicion of insider activity within the community.

A cryptocurrency investor has turned $1,331 into $3.4 million in just two weeks through an investment in the Moo Deng (MOODENG) token.

The rapid gains have sparked suspicion of insider activity within the community. On Sept. 25, the on-chain analytics platform Lookonchain identified this transaction on the Solana blockchain.

According to data from Solana Explorer Solscan, the investor bought 38.7 million MOODENG tokens with 9.8 Solana (SOL) worth $1,331 on Sept. 10. Fifteen days later, the MOODENG’s value had skyrocketed, increasing the investor’s initial investment to $3.4 million.

This guy turned $1,331 into $3.4M in only 15 days, a 2,554x return! ?

He spent 9.8 $SOL($1,331) to buy 38.7M $MOODENG on Sept 10, now worth more than $3.4M!https://t.co/ADTPSX1IgI pic.twitter.com/3BMBD7Um26

— Lookonchain (@lookonchain) September 25, 2024

Any Liquidity Issues in The MOODENG Pool?

Despite the impressive gains, crypto community members have voiced concerns about liquidity issues in the MOODENG pool. They argued that it is difficult for this trader to cash out its MOODENG profits fully based on the token’s current price as the pool only has $1.8M worth of digital assets.

These concerns, coupled with the spike in MOODENG’s price, have fueled speculation that the transaction could involve insider trading. Some crypto community members argue that a developer or insider could be behind the trade, though no direct evidence has been confirmed.

While this scenario has raised red flags, it has also sparked excitement among other traders who hope to replicate such success. On Sept. 26, Lookonchain reported another case involving a trader who turned $95 into $96,900 in just under 12 hours by trading INCEPT tokens.

Unbelievable!?

Turned $95 into $96.9K in just 12 hours—more than a 1000x return!

Many of the wallets that made ~1000x profit on $INCEPT appear to be insider wallets. They were all created 4 days ago and have only traded $INCEPT.https://t.co/AvNHFbRjpO pic.twitter.com/aOm3z1VXAx

— Lookonchain (@lookonchain) September 26, 2024

Hodl Strategy vs. Short-Term Trading

Some traders seek quick profits from risky altcoins and memecoins, while others prefer the long-term “hodl” strategy. One such investor earned $131.72 million after holding Ether (ETH) since 2022.

According to Lookonchain, this trader bought 96,639 ETH from Coinbase between Sept. 3 and 4, 2022, when Ether was priced at roughly $1,567. By holding the coin through market cycles, the investor positioned itself for great gains as Ethereum surged in value.

This is a smart diamond hand, buying $ETH in the bear market and selling $ETH in the bull market, making $131.72M!

This whale bought 96,639 $ETH($151.42M) from #Coinbase at $1,567 on Sept 3 and Sept 4, 2022.

Then deposited 70,000 $ETH($214.34M) at $3,062 to #Kraken since Mar… pic.twitter.com/yuAe5LMy7h

— Lookonchain (@lookonchain) September 22, 2024

This contrast between short-term speculation and long-term investment highlights the diverse approaches to profiting from the crypto market.