Meme Coin Speculator Earns 15,718x Return, Raising Insider Trading Suspicions

IconCNT15 May, 2024

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Meme Coin Speculator Earns 15,718x Return, Raising Insider Trading Suspicions

**Massive Returns on Meme Coin Investment** According to a recent analysis by on-chain data firm Lookonchain, a specific cryptocurrency wallet has generated an astounding 15,718x return on a $3,000 investment in the meme coin PEPE. The wallet purchased 490 trillion PEPE tokens on April 15, 2023, for approximately $3,000. Since then, it has liquidated its holdings once and split the proceeds once, cashing out approximately $10 million. The wallet currently holds 3.5 trillion PEPE, worth approximately $38.9 million at current prices. **Insider Trading Suspicions** The incredible return on investment has raised suspicions of insider trading within the cryptocurrency community. Lookonchain's analysis suggests that the wallet may have been aware of upcoming news or events that would drive the price of PEPE up. **Investigation Ongoing** Authorities are reportedly investigating the matter, and it is unclear whether the wallet's owner will face any charges. However, the case highlights the potential risks associated with insider trading in the cryptocurrency market. **Previously on April 15, 2023:** A specific cryptocurrency wallet purchased 490 trillion PEPE tokens for approximately $3,000. ---

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