"The wallet identified by Lookonchain as 0x0b8a had never executed a transaction before the trade. That detail, combined with a near-perfect top exit and immediate reversal, has drawn close attention from the onchain analytics community."
"0x0b8a sold ether worth $174,000 on the decentralized exchange (DEX) Hyperliquid, then opened a 5x leveraged long position across 9.19 million APE tokens. Apecoin surged more than 80% shortly after, and the wallet closed the long near the top for a $1.79 million profit."
"The trader immediately opened a short position and extracted another $488,000 as momentum faded. Total gain amounted to $2.27 million, while the returns amassed from that single session stood at 14x."
"The catalyst for Apecoin's move appears to be a recent announcement from Yuga Labs, the company behind Bored Ape Yacht Club and the Otherside metaverse project."
An anonymous wallet, identified as 0x0b8a, transformed $174,000 worth of ether into a leveraged Apecoin long, achieving a $1.79 million profit. After closing the long position, the trader shorted Apecoin, generating an additional $488,000, totaling a $2.27 million gain. The wallet had no prior transaction history, raising suspicions of insider trading. The surge in Apecoin's price was linked to an announcement from Yuga Labs regarding a new CEO, which coincided with the wallet's strategic trades.
Read at news.bitcoin.com
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