A savvy crypto investor turned $1,300 into an astonishing $3.4 million in just two weeks with investment. This remarkable story emerged when Lookonchain detected the investor’s activity on the Solana blockchain.
According to Solscan, the investor spent 10 Solana—worth about $1,331—to buy 38.7 million MOODENG tokens on September 8.
From a Small Investment to a Fortune of $3.4 Million
In the following two weeks, the Moo Deng token skyrocketed in value. This initial investment blossomed into an incredible $3.4 million.
While this impressive profit drew attention, it raised questions about its legitimacy. Critics noted that MOODENG has only $1.8 million in liquidity pools. Cashing out all profits could significantly affect the token’s value.
Moreover, the token’s rapid appreciation sparked skepticism. Some speculated about insider trading or developer manipulation in the crypto market.
Other Noteworthy Incidents in the Crypto Market
Interestingly, Lookonchain reported another striking incident on September 26. An investor put in $95 in the INCEPT token and earned $96,900 within just 12 hours.
The analytics company raised concerns about market manipulation. Many wallet addresses profiting appeared to be ‘insider wallets.’
Additionally, another investor made headlines by turning a $131.72 million profit. This investor bought 96,639 ETH on Coinbase during the 2022 bear market. At that time, Ethereum traded around $1,567. By holding the investment for two years, the investor reaped substantial rewards.
The Crypto Market Experiences Growth
Currently, the crypto market is witnessing growth alongside a positive sentiment in global risk markets.
“As US stocks hit all-time highs, a green light lit for global risk markets,” stated Augustine Fan of SOFA.org. He added, “The Chinese stimulus package triggered this rise. Observers expect a bullish outlook for all risk assets. This global easing reminds us of the easy money days.”
Meanwhile, Bitcoin trades at $65,454, its highest level since late July. This reflects a 1.58% increase in the last 24 hours. Ethereum is priced at $2,653, showing a 0.97% rise over the same period.
Key Takeaways on Crypto Investment
In summary, the rapid rise of meme coins like MOODENG demonstrates the potential for massive profits. However, investors should approach with caution due to risks like liquidity issues and market manipulation.