APE Goes 14x, Then Dumps for LDO — The Hunting Season for “Insider Wallets”

This article will conduct an in-depth analysis of this “insider address” on-chain operational trail, examining the undercurrents behind this “old coin pump” event by considering recent capital rotation in the crypto market, market maker rumors, and the NFT market rebound.

The APE Hunt: A 14x Miracle on a $174,000 Principal

On April 24, 2026, the long-dormant APE suddenly exploded, with its single-day gains surpassing 110% and reaching a peak near $0.1965. Amidst this frenzy, a newly created Hyperliquid wallet address (0x0b8a…) emerged as one of the biggest winners. According to tracking by on-chain data monitoring agencies Lookonchain and Onchain Lens, the address’s operations resembled a textbook case of “insider trading”:

Capital Preparation: Just before the APE surge, this new wallet sold 75 ETH on the Hyperliquid platform, cashing out approximately $174,000 to serve as its principal.

High-Leverage Long Position: Subsequently, the address decisively opened a 5x leveraged long position on 9.19 million APE (notional value of approximately $1.03 million) using its full capital.

Precision Liquidation: As the APE price skyrocketed, the address closed its long position near the peak, securing a profit of approximately $1.79 million from this single trade.

Reverse Short Trade: Remarkably, after closing the long position, the address immediately opened a short position. As the price retraced, it profited an additional approximately $488,000.

In just one day, the address magnified its $174,000 principal into $2.45 million, yielding a total profit of $2.27 million. This precise timing of entry and seamless transition between long and short positions has led the market to speculate whether the address possessed access to confidential insider information.

The immediate catalyst for APE surge was its parent company, Yuga Labs, announcing significant executive changes. Former CEO and co-founder Greg Solano transitioned to Chairman, and Michael Figge, a seasoned professional from the film and animation industry, was appointed as the new CEO.

The market interpreted this personnel reshuffle as a positive signal for Yuga Labs’ governance improvement and strategic restructuring, rekindling speculative enthusiasm among investors. However, the insider address’s precise positioning before the announcement undoubtedly deepens market suspicions of “insider trading.”

Seizing the Momentum: Moving Heavy Capital into LDO

After harvesting profits from APE, the address did not pause but swiftly turned its attention to another established DeFi project, Lido. According to monitoring by Lookonchain, this suspected insider used two wallet addresses to once again open 5x leveraged long positions on 5.57 million LDO on Hyperliquid, with a total position value reaching $5.16 million.

This morning, as the LDO price subsequently surged over 20%, the address profited handsomely again. One of the associated wallets closed its position, netting a profit of approximately $50,000, while the other wallet continues to hold a long position of 5.96 million LDO (valued at approximately $2.65 million), currently showing an unrealized profit of about $250,000. This means the address has accumulated a total profit of roughly $300,000 from its LDO operations.

Unlike APE, which was purely driven by news, LDO’s uptick had more robust fundamental support. Previously, the LDO price experienced a prolonged downtrend, falling over 95% from its all-time high and even touching a historic low near $0.27. Facing a token price severely diverging from the protocol’s fundamentals (Lido boasts a deep moat and stable staking revenue), the Lido DAO community passed a significant proposal in mid-April: authorizing the use of up to 10,000 stETH (valued at approximately $20 million) from the treasury to buy back LDO tokens.

This buyback plan created direct buying pressure and provided strong price support for LDO, pushing its price to a 10-week high. The address’s decision to take a heavy position in LDO at this time clearly indicates its recognition of the certainty for upside potential driven by the buyback program.

Capital Rotation, Market Makers, and Price Rebounds: Undercurrents Resurface in the Crypto Market

In April 2026, Bitcoin Dominance (BTC.D) remained elevated between 56% and 60%, signaling that a broad “altcoin season” had not yet arrived. However, against the backdrop of easing risk aversion and BTC maintaining high-level consolidation, some profit-seeking capital began searching for new breakout opportunities, rotating towards more volatile altcoins.

Yet, as the broader crypto market recovers, hotspots across various sectors have emerged continuously. Besides the previous meme craze on the BSC ecosystem, following the shooting incident at the White House Correspondents’ Dinner over the weekend, the meme market also spawned several “golden dogs.” In this localized capital rotation, numerous low-market-cap or long-declining legacy tokens, such as RIVER, APE, and ORDI, have staged extreme pump rallies over the past month.

However, this “legacy coin rally” often lacks sustained fundamental support and is largely a result of capital gaming. According to revelations from a crypto KOL, an active market maker named HSBG has become a hot topic within the community. It is alleged that the firm profited hundreds of millions of dollars solely from manipulating the RIVER project, wielding enough influence to dictate token unlock schedules.

From APE’s 14x windfall to the follow-up profits in LDO, the on-chain trail of this “insider address” reveals the brutal and precise nature of capital gaming within the crypto market. Propelled by capital rotation and market maker activities, the “old coin pump” scenario continues to play out. For average investors, while marveling at the extraordinary profits of smart money, it is crucial to maintain a clear head and remain vigilant against the manipulation risks lurking behind extreme price movements.

This article is sourced from the internet: APE Goes 14x, Then Dumps for LDO — The Hunting Season for “Insider Wallets”

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