In an unusual move in the cryptocurrency market, a crypto whale appears to have reaped the rewards of his long patience.
According to Onchain data, a crypto wallet bought MLG, an unknown memecoin, exactly nine months ago. The patient “diamond-handed” whale paid only 17 SOL for this transaction, or $2,600 at the time, and bought 40.81 million MLG.
The whale sold 33.3 million of these tokens in small sales during the intervening period, making sales worth $413,000. However, today, the value of the 7.51 million MLG that the whale did not sell is currently around $962,000.
In other words, during this period, the crypto whale made a profit of $1.3 million when the realized and unrealized gains were calculated in total, and increased his initial capital by 529 times.
However, there are also claims that this crypto whale is one of MLG's development team, that is, an “insider trader,” so one should also be careful with this altcoin.
*This is not investment advice.
