ApeCoin trader nets 14x gain in one day

An anonymous crypto wallet turned $174,000 into over $2.27 million in a single day by trading ApeCoin on both sides of a sharp price surge.

Onchain data shows the wallet opened a 5x leveraged long position before Apecoin rallied more than 80%, then exited near the peak for a $1.79 million profit.

The trader immediately flipped to a short position, generating an additional $488,000 as prices pulled back, bringing total gains to roughly $2.27 million.

The activity was flagged by Lookonchain, which noted the wallet had no prior transaction history before executing the trades.

The timing coincided with an announcement from Yuga Labs naming Michael Figge as chief executive, replacing Greg Solano.

Analysts said the precise entry, exit, and immediate reversal pattern is consistent with informed or insider positioning, though no formal investigation has been announced.

The case highlights ongoing concerns around market transparency in decentralised trading, where enforcement of insider trading rules remains inconsistent across jurisdictions.