Trader earned $3,4 million in 15 days on MOODENG token

On September 25, the analytics firm Lookonchain reported about a trader who achieved an impressive 2,554x profit on the Solana blockchain. Thanks to a successful investment in the MOODENG token featuring a hippo image, he turned an initial $1,331 into $3,4 million in just two weeks.

Investment details

According to data from Solana blockchain researcher Solscan, on September 10, the investor sold 9,8 SOL worth $1,331 to purchase 38.7 million MOODENG tokens. Over the next two weeks, the price of the memecoin skyrocketed.

Liquidity and potential limitations

Members of the crypto community noted the limited liquidity of the MOODENG pool, which was only $1,8 million. This means the investor would not be able to cash out the entire amount of his investment at the current market price, highlighting the potential risks of such investments in low-liquidity memecoins.

Suspicions of insider trading

The impressive rise in MOODENG's price raised suspicions among traders. Some suspected insider trading or involvement of internal developers. Meanwhile, other users expressed admiration for the investor's boldness and hope to replicate his success in their future trades.