Unbelievable Profit from Memecoin Investment
The crypto community learns lessons following an inspiring story of a crypto trader who turned $1300 into $3.4m in 15 days. The trader out of nowhere invested in Moo Deng (MOODENG), which is a hippo-themed memecoin, which either astounding or elicits skepticism from the public.
Digesting this shocking 2,554X return, the investor liquidated 9.8 Solana (SOL) worth $1,331 on September 10, Lookonchain observed. The trader bought 38.7 million MOODENG tokens using these funds and within two weeks the token value was, making it a fortune.
Suspicions of Insider Trading
However, a significant portion of the crypto community is skeptical about this trade regardless of the vast amounts of yield it has generated. Therefore, the Moo Deng pool had only $1.8 Million in its pool which evidently posed problems in the realization of a $3.4 Million profit. Trade patterns brought the theory that the trader might be an insider or a developer who has access to information that is not accessible to the general public.
More Stories of Unlikely Gains
Lookonchain also found another trader who traded $95 to $96900 within less than 12 hours to INCEPT tokens. Just like in the Moo Deng case, most of the wallet addresses seen to be benefiting from these profits seemed to belong to insiders which heightened the concern about unethical practices in trading.
Caution in the World of Crypto Investments
While some trading aims to attract more risks to gain better returns by investing in altcoins and meme-coins or other cryptocurrencies, some are still sticking to holding BTC, ETH, or other dominant cryptocurrencies. Analysts also noted that one investor used the 2022 bear market to buy 96,639 Ether and stack it: their ETH holdings made $131.7m.
Conclusion
While memecoin investment drives interest due to such success stories, the crypto market is full of speculative discussions, insider issues, and issues of liquidity. This is because investors are advised to be cautious and to carry out further research before exposing their capital to similar high-risk potentials.
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