A crypto investor turned an initial investment of $1,300 into a whopping $3.4 million in just 15 days by investing in the Moo Deng (MOODENG) token.
While these spectacular returns are attracting a lot of attention, there are concerns about possible internal involvement and the token’s limited liquidity.
Huge profit with Moo Deng token
On September 25, it was announced that an investor on the Solana blockchain had turned his $1,300 investment into millions of dollars. Data from the Solana Blockchain Explorer, Solscan, shows that on September 10, the investor purchased 38.7 million MOODENG tokens for 9.8 Solana, worth $1,331 at the time. Within two weeks, the value of the memecoin exploded, growing the investment to $3.4 million.
Luck or insider trading?
Despite the success of this investment, doubts have been raised within the crypto community. The MOODENG pool has a liquidity of only $1.8 million, meaning the investor cannot withdraw the full amount at the current market price. This fuels speculation about possible insider trading or developer involvement.
On the other hand, there are also investors who welcome this huge profit and hope for a similar windfall in their own investments.
Other notable wins
On September 26, Lookonchain reported that another trader turned a mere $95 investment in INCEPT tokens into $96,900 in less than 12 hours. These kinds of quick profits raise questions, especially since many wallet addresses involved appear to be linked to insiders.
Hodl strategy remains profitable
While some investors gamble on altcoins hoping for quick, unrealistic profits, others opt for the traditional hodl strategy. An example of this is an investor who made $131.72 million in profit in 2022 by buying Ether (ETH) during the bear market and holding it for two years of uncertainty.
In September 2022, this investor purchased 96,639 ETH from the Coinbase exchange, when Ether was trading around $1,567. This strategy, which focuses on patience, still proves to be just as profitable as the riskier investments in memecoins.
Source: https://newsbit.nl/gigantische-crypto-winst-investeerder-verandert-1-300-in-34-miljoen-binnen-15-dagen/
