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.
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.