- Another “lucky” trader made money on a low-liquidity token. apecoin $2,45 million with an investment of $174,000.
- He opened a long position at the right time, sold tokens at the highest price, and then opened a short position and profited from the fall.
- Analysts have little doubt that insider manipulation took place.
An anonymous wallet with no previous history of trading has sold $174,000 worth of Ethereum and the price surge has seen apecoin received $2,45 million in both directions.
User, identified Lookonchain, like 0x0b8a, who had no prior trading history, pulled off a truly mind-blowing move, perfectly anticipating an 80% price surge and an equally sharp decline.
Lookonchain Data
The sequence of events is as follows: 0x0b8a sold эфириум for $174,000 on the decentralized exchange (DEX) Hyperliquid, and then opened a long position with 5x leverage on 9,19 million APE tokens. Shortly thereafter, apecoin rose by more than 80%, and the wallet closed the long position at the peak, making a profit of $1,79 million.
The trader then immediately opened a short position and, when momentum weakened, pocketed another $488,000. The total profit was $2,27 million, a 14x return from that single session.
A catalyst for growth apecoinApparently, this was the recent announcement by Yuga Labs of the appointment of a new CEO, Michael Figge, who replaced Greg Solano (who, in turn, became chairman of the board of directors). The coordinated actions led analysts to call the deal an insider trade.
According to Lookonchain analysts, a newly created wallet making a directional trade with 5x leverage in low-liquidity tokens ahead of a major corporate announcement and then immediately reversing to a short position is a pattern consistent with informed positioning.
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