A Trader Turns $800 Asset in a New Altcoin into $3.5 Million – There Are Concerns About Being an Insider

An anonymous cryptocurrency trader has turned a modest investment of $800 into a staggering $3.5 million by purchasing a new memecoin called Moo Deng.

According to data from Arkham Intelligence, the trader identified by the wallet address “Db3P” on Solana purchased 6 SOL worth of Moo Deng just four hours after the token was launched on September 10.

Essentially speculative and useless, Moo Deng has seen its value skyrocket in recent days. As of Thursday, the token was trading above $0.14, up 56% in the past 24 hours, according to CoinGecko data, with its market value reaching $141 million.

The trader’s high profits have also sparked accusations on social media, with some claiming that the person was either an insider with prior knowledge of the coin or an undisclosed team member profiting from the hype. However, these claims have not been confirmed. Still, it’s important to be skeptical of all memecoins, especially new ones.

Despite the big gains, Moo Deng’s value remains volatile. The coin’s future may depend on whether the anonymous trader chooses to withdraw his funds. Some market watchers warn that if the trader sells his holdings, it could trigger a collapse in Moo Deng’s price, as the token has no tangible utility.

*This is not investment advice.