Moodeng memecoin user invests ₹1 lakh. In 17 days, profit was ₹100 crore

Investing in Moodeng memecoin, a user earned over $12 million in 17 days. The rise of Moodeng has sparked insider trading concerns.

A cryptocurrency user earned more than $12 million (around ₹100 crore) in just 17 days after investing $1,300 (around ₹1 lakh) in Moodeng memecoin. An account called Lookonchain said that the investor purchased 9.8 Solana tokens for $1,300 to buy Moodeng. The tokens were purchased on September 10 and on September 21, the user sold $104,000 worth of Moodeng resulting in a profit of $38.64 million. 

A cryptocurrency user turned a $1,300 investment in Moodeng memecoin into over $12 million in 17 days, raising concerns of insider trading due to limited liquidity. The memecoin gained popularity after being named after a pygmy hippo internet sensation.

The holdings of the user are valued at over $12 million as on September 28 owing to continuous increase in the price of Moodeng memecoin. As a result, the user's initial investment of ₹1 lakh grew to more than ₹100 crore in only 17 days.

This comes as traders raised concerns that the investor might be an insider trader as Moodeng pool has limited liquidity of $1.8 million which makes it difficult to cash out such a large investment, as per Coingape.