Investor Transforms $1300 into $34 Million with Hippo-Themed Meme Coin in Two Weeks

Investor Transforms $1300 into $34 Million with Hippo-Themed Meme Coin in Two Weeks

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 emerged after the on-chain analytics firm Lookonchain tracked the trader's activities on the Solana blockchain.

On September 10, the investor purchased 38.7 million MOODENG tokens for 9.8 Solana, roughly equivalent to $1,331 at that time. The token's value skyrocketed over the next two weeks, resulting in an astonishing profit that has captured the attention of the cryptocurrency community.

However, the rapid increase in value has sparked skepticism among critics, who noted that the liquidity pool for MOODENG is only $1.8 million. This raises concerns about the investor's ability to cash out without significantly affecting the token's market price. Additionally, some speculate that potential insider trading or developer manipulation could be influencing the token's meteoric rise.

This incident isn't unique. On September 26, Lookonchain reported a trader who turned a $95 investment in INCEPT tokens into $96,900 within just 12 hours. Many wallet addresses involved in these high returns appear to be linked to “insider wallets,” further fueling suspicions of market manipulation.

In a separate noteworthy case, an investor gained $131.72 million by purchasing 96,639 Ether during the 2022 bear market when prices hovered around $1,567, holding through the subsequent market fluctuations for two years.

As the crypto market experiences a rally driven by broader bullish sentiment, Bitcoin has seen a 2.9% increase, reaching $65,330.96, its highest level since late July. Ether also rose by 1.8% to $2,648, reflecting the overall positive outlook in global risk markets amid economic stimulus measures in China.