Crypto Investor Turns $1300 into $34 Million with Hippo-Themed Meme Coin

Crypto Investor Turns $1300 into $34 Million with Hippo-Themed Meme Coin

A crypto investor has achieved an extraordinary return on investment, turning $1,300 into $3.4 million in just two weeks by betting on the hippo-themed Moo Deng (MOODENG) token. This remarkable story was highlighted by on-chain analytics firm Lookonchain, which tracked the trader's activities on the Solana blockchain.

Investment Details

The investor initially purchased 38.7 million MOODENG tokens for 9.8 Solana, worth approximately $1,331 at the time, on September 10. Over the next two weeks, the value of the Moo Deng token skyrocketed, resulting in a windfall that captured the attention of the crypto community.

Concerns Over Legitimacy

While the gains are impressive, critics have raised questions about their legitimacy. The liquidity pool for MOODENG holds only $1.8 million, leading to concerns that cashing out the entire amount could significantly impact the token’s market value. Additionally, the rapid rise has led to suspicions of insider trading or potential manipulation by developers.

This incident is part of a broader trend in the crypto space. On September 26, Lookonchain reported another case where a trader turned a $95 investment in INCEPT tokens into $96,900 within just 12 hours, with many wallet addresses showing signs of being “insider wallets.”

Market Context

The crypto market is currently experiencing a rally amid positive sentiment in global risk markets. Augustine Fan, Head of Insights at SOFA.org, noted, “It’s all green lights for global risk markets as U.S. equities hit new all-time highs for the third time this week.”

Bitcoin's price climbed 2.9% to $65,330.96, its highest level since late July, while Ether rose 1.8% to $2,648. The bullish sentiment is being fueled by rapid stimulus measures aimed at reviving the struggling Chinese economy, prompting macro observers to turn optimistic on risk assets.