Breaking news: A trader just turned a modest $1,300 into a jaw-dropping $3.4 million in just two weeks by betting on a quirky, hippo-themed cryptocurrency. But is it luck or strategy?
A crypto trader on the Solana blockchain has managed to achieve an extraordinary 2,554x return on a $1,300 investment in the Moo Deng (MOODENG) token.
By September 10, the investor sold 9.8 Solana (worth $1,331 at the time) to purchase a staggering 38.7 million MOODENG tokens. Two weeks later, the memecoin skyrocketed, transforming that initial sum into a mind-blowing $3.4 million.
But not everyone is cheering. The rapid rise of MOODENG has sparked suspicion among some in the crypto community. The token’s liquidity pool, which holds just $1.8 million, left many questioning how the investor would be able to cash out without impacting the price significantly.
So, could this be a case of insider trading? Some believe the price jump was more than mere luck, pointing fingers at potential developer involvement.
On the other side of the debate, there are those who view the trader as a genius, sparking hope that they too might strike gold on their next trade.
Interestingly, this isn’t an isolated case. Another trader, highlighted by Lookonchain on September 26, flipped a $95 investment in INCEPT tokens into $96,900 in under 12 hours, further fueling suspicions of insider wallets.
While these “get rich quick” stories capture headlines, other investors stick with the long game. In one case, a crypto trader netted a staggering $131.72 million by simply holding onto Ether during the 2022 bear market.
Also Read: Capital Surge: Memecoins Outpace Top Crypto Inflows
The investor purchased 96,639 ETH for around $1,567 per token and held on tight as the market rebounded.
Memecoins may offer lightning-fast wins, but sometimes, playing the long game pays just as well.
