A Trader Made More Than 1000x Profit on a Little-Known Altcoin: But There’s a Problem

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Bitcoinsistemi2024/09/27 08:54

By:Mete Demiralp

A crypto trader made over 1000x profit on an altcoin, according to onchain data, but there are doubts.

According to on-chain data provided by cryptocurrency analytics firm Lookonchain, a crypto trader had a surprising adventure.

According to the data, this trader saw the value of the altcoin he bought for $95 increase to $96.9 thousand in just 12 hours. This means an increase of more than 1000 times.

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The altcoin in question, INCEPT, has similarly caused many cryptocurrency wallets to make profits of 1000 times or more, but these wallets are thought to belong to people from the altcoin development team, i.e. insiders.

All of these wallets were created 4 days ago and have only traded INCEPT so far.

The issue of insider trading continues to be a concern in the cryptocurrency market, especially in memecoins. In the first seconds of a token's launch, these insider wallets buy a significant portion of the token's total supply and then dump the price of the altcoin when they sell.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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