In the crypto market, every sudden surge is often preceded by sharp-eyed "smart money." Recently, a newly created wallet address reaped a staggering $2.27 million in profits in a single day during ApeCoin's (APE) price surge, thanks to precise leveraged trading—a return of 14x. Even more notable, after securing its gains from APE, the address swiftly shifted funds to Lido DAO (LDO) and generated additional profits.
This article will deeply analyze the on-chain activity of this "insider address," and explore the underlying market currents behind this "old coin pump," in light of recent capital rotations in the crypto market, rumors surrounding market makers, and the NFT market's rebound.
APE Hunting Moment: A 14x Miracle on a $170,000 Principal
On April 24, 2026, the long-dormant APE suddenly surged, with a single-day gain peaking above 110% and reaching as high as approximately $0.1965. During this frenzy, a newly created Hyperliquid wallet address (0x0b8a...) emerged as one of the biggest winners. According to on-chain data tracking firms Lookonchain and Onchain Lens, the operations of this address were textbook examples of "insider trading":
Funding preparation: Just before the APE surge, this newly created wallet sold 75 ETH on the Hyperliquid platform, cashing out approximately $174,000 as initial capital.
High-leverage long position: Subsequently, this address decisively went fully long on 9.19 million APE tokens with 5x leverage (notional value of approximately $1.03 million).
Precise position close: As the price of APE surged, this address closed its long position near the peak, earning approximately $1.79 million in a single trade.
Short position: Remarkably, after closing the long position, this address immediately opened a short position, profiting another approximately $488,000 as the price declined.
In just one day, this address grew its initial capital of $174,000 into $2.45 million, generating a total profit of $2.27 million. This precise timing of entry and seamless switching between long and short positions has led the market to speculate whether it has access to undisclosed insider information.
The immediate catalyst for APE's recent surge was the announcement of significant leadership changes by its parent company, Yuga Labs. Former CEO and co-founder Greg Solano has transitioned to Chairman, and Michael Figge, a seasoned executive from the film and animation industry, has been appointed as the new CEO.
The market interpreted this personnel change as a positive signal of improved governance and strategic restructuring at Yuga Labs, reigniting speculative enthusiasm among investors. However, given the precise positioning of this insider address prior to the announcement, it has undoubtedly intensified market skepticism regarding potential "insider trading."
Press the advantage and shift large funds to LDO
After harvesting on APE, the address did not stop but quickly turned its attention to another established DeFi project, Lido. According to Lookonchain, the suspected insider used two wallet addresses to open a 5x leveraged long position of 5.57 million LDO on Hyperliquid, with a total position value reaching $5.16 million.
This morning, following a more than 20% surge in LDO's price, the address once again realized significant gains. One associated wallet closed its position with a profit of approximately $50,000, while another wallet continues to hold a long position of 5.96 million LDO (valued at around $2.65 million), currently with an unrealized profit of about $250,000. This means the address has accumulated total profits of approximately $300,000 from its LDO trades.
Unlike APE, which is primarily driven by news sentiment, LDO's price increase is supported by stronger fundamentals. Previously, LDO's price had experienced a prolonged decline, falling over 95% from its all-time high and briefly touching a historical low near $0.27. In response to the token's price significantly deviating from the protocol's fundamentals—Lido possesses a deep moat and stable staking revenue—the Lido DAO community passed a major proposal in mid-April to use up to 10,000 stETH from its treasury (valued at approximately $20 million) to repurchase LDO tokens.
This buyback program has created direct buying pressure and strong price support for LDO, driving its price to a 10-week high. The address’s decision to heavily accumulate LDO at this time clearly reflects confidence in the assured upside potential brought by the buyback program.
Funds rotation, market makers, and price rebound—undercurrents reemerge in the crypto market
In April 2026, Bitcoin's dominance (BTC.D) remained elevated at 56%-60%, and the market did not enter a broad "altseason." However, with risk-off sentiment easing and Bitcoin holding steady in a high-range consolidation, some profit-taking capital began shifting toward more elastic altcoins in search of new opportunities.
However, as the broader crypto market rebounded, hot assets emerged across various sectors. Beyond the previous BSC ecosystem meme surge, the meme market saw a new wave of “golden dogs” following the weekend White House press dinner shooting incident. In this localized capital rotation, low-market-cap or long-term underperforming tokens such as RIVER, APE, and ORDI experienced extreme rallies over the past month.
However, this "old coin frenzy" often lacks sustained fundamental support and is primarily driven by capital speculation. According to revelations from crypto KOLs, a market maker named HSBG has become a hot topic within the community, reportedly earning hundreds of millions of dollars solely by manipulating the RIVER project, with enough influence to even control the token unlock schedule.
From the 14x profit on APE to the follow-up surge on LDO, the on-chain footprint of this "insider address" reveals the ruthlessness and precision of capital博弈 in the crypto market. Amid capital rotation and market maker momentum, the script of "old coin pump" continues to play out. For retail investors, beyond marveling at the outsized gains of smart money, it is crucial to remain level-headed and vigilant against manipulation risks behind extreme market moves.
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