On September 25, Lookonchain analysts discovered a trader who invested 9.8 Solana coins ($1331) into 38.7 million MOODENG memtokens on September 10 – and became a millionaire in just two weeks. This investor made an impressive 2,554x return, with the value of his assets nominally exceeding $3.4 million.
However, this fact aroused suspicion among Lookonchain specialists. They believe that the stunning rise in the value of MOODENG was not based on objective market preconditions and could have been a consequence of insider activity on the part of the developers of the meme coin. Lookonchain’s fears are indirectly confirmed by the fact that the liquidity of the MOODENG pool is only $1.8 million, which is half the current market value of the tokens owned by the trader. This will prevent the “successful investor” from cashing out the entire investment amount at the current market price.
On September 26, a Lookonchain observer witnessed yet another enrichment for a trader who made a 1,000 percent profit. The trader invested $95 in the INCEPT token, which he could earn money in 12 hours, about $97,000. Lookonchain noted that according to blockchain data, the majority of crypto wallet addresses that made profits of a similar magnitude from INCEPT investments during this period were created just four days ago and traded only this asset – which could also be evidence insider trading.
Earlier, Manhattan District Court Judge Alvin Hellerstein dismissed a class-action lawsuit against Tesla CEO Elon Musk, in which the billionaire was accused of deceiving investors by promoting the DOGE cryptocurrency, manipulating its rate and insider trading.
Source: Bits
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