A remarkable tale of rags to riches unfolded in the crypto world as an investor turned a mere $1,300 investment into a jaw-dropping $3.4 million windfall within a mere two weeks by backing the hippo-themed Moo Deng (MOODENG) token.
The extraordinary narrative was unearthed by on-chain analytics firm Lookonchain, which traced the trader's actions on the Solana blockchain.
Initial data from Solscan revealed that the investor kickstarted their journey by spending 9.8 Solana, valued at around $1,331 at the time, to acquire 38.7 million MOODENG tokens on September 10.
investment-turns-into-3-4-million">$1K investment Transforms Into $3.4 Million
Subsequently, the value of the Moo Deng token witnessed an astronomical surge in the following fortnight, catapulting the modest investment into a staggering $3.4 million fortune.
While this meteoric rise captured the crypto community's imagination, it also triggered doubts regarding the authenticity of the gains.
Skeptics pointed out that the MOODENG liquidity pool contained only $1.8 million, casting doubts on the investor's ability to liquidate the entire sum at the prevailing market price without substantially impacting the token's valuation.
Additionally, the rapid uptick in value has raised suspicions, with speculations swirling around potential insider trading or developer intervention.
Despite these concerns, this incident isn't an anomaly.
Lookonchain disclosed another intriguing case where a trader parlayed a $95 INCEPT token investment into a whopping $96,900 within a mere 12-hour span.
The analytics firm flagged that many wallet addresses that recently scored substantial returns on INCEPT investments seemed to be categorized as "insider wallets," further amplifying concerns about possible market manipulation.
Furthermore, one savvy investor pocketed a colossal $131.72 million by engaging in Ether trading during the 2022 bear market.
This investor procured 96,639 ETH from Coinbase in early September 2022, persevered through market fluctuations for two years while Ether was priced around $1,567, and finally reaped the rewards.
crypto-market-rallies-amid-bullish-sentiment">crypto Market Surges Amid Bullish Sentiment
The crypto market witnessed a substantial upsurge fueled by a prevailing bullish sentiment across global risk markets.
"It's all systems go for global risk markets as U.S. equities notch up new all-time highs for the third time this week," mentioned Augustine Fan, Head of Insights at SOFA.org.
"The rally has been fueled by swift stimulus actions to rejuvenate the struggling Chinese economy, prompting esteemed macro observers to wholeheartedly back all risk assets for the time being. The coordinated global easing effort harks back to the relaxation of the QE era."
Bitcoin's price surged 2.9% to $65,330.96 over the last day, marking its highest level since late July.
Meanwhile, Ether also saw gains, climbing 1.8% to $2,648.
