Crypto Whale Earns $2.9 Million Profit from BONK Investment
A crypto whale has made a significant profit of over $2.9 million by strategically investing in the meme-inspired cryptocurrency BONK, according to Lookonchain, a popular on-chain data tracker.
The whale acquired 98 billion BONK tokens, valued at more than $1.5 million, from Binance just before the tokenโs price surged by over 50% in a single day.
Current Holding and Unrealized Profits
At present, the whale holds 319.44 BONK tokens, which amounts to over $7 million. The unrealized profits stand at approximately $2.9 million.
BONK is currently trading at $0.00002295, showing a 6% increase from yesterday and a 90% increase for the week.
Meme Coins Experience Surge in Altcoin Market
The meme coin market has witnessed a significant increase from $27.2 billion to $32 billion this week, highlighting the frenzy in the crypto market. One of the main contributors to this upswing is PEPE, which saw a massive 180% surge in just one week.
Another whale took advantage of the PEPE hype by selling their holdings of 1.97 trillion PEPE tokens, valued at $6.07 million, resulting in a profit of $3.49 million. This whale then purchased SHIB along with metaverse coins like MANA and SAND.
Shift from PEPE to SHIB, MANA, SAND, and GALA
The smart whale sold all 1.97 trillion PEPE tokens for $6.07 million and made a profit of $3.49 million. They then bought 75.9 billion SHIB tokens valued at $893,000, 1.6 million MANA tokens valued at $1.07 million, 2.43 million SAND tokens valued at $1.48 million, and 36.88 million GALA tokens valued at $1.46 million.
WIF Surges in Price
Dogwifhat (WIF) experienced a 10% surge on Thursday, reaching a new all-time high and nearly hitting the $1 target. This week alone, WIF has seen a remarkable increase of 200%, making it one of the hottest meme coins based on Solana, alongside BONK.
Previously reported by CryptoPotato, an individual who initially invested just $310 worth of Solana (SOL) to purchase 2.58 million WIF tokens now holds assets valued at approximately $1.4 million.
Exercise Caution
The recent price surges in popular meme coins have led to a lot of FOMO (fear of missing out), causing users to take risky bets on tokens like WIF or PEPE. It is important for readers to exercise caution when engaging with these types of cryptocurrencies.
Hot Take: Meme Coins Continue to Dominate the Market ๐
Meme-inspired cryptocurrencies such as BONK, PEPE, and WIF have been dominating the altcoin market with their significant price surges. These coins have attracted the attention of both investors and traders due to their potential for high returns.
However, it is crucial to remember that meme coins are highly volatile and speculative in nature. The rapid price movements can result in substantial gains or losses within a short period of time.
Before investing in meme coins, it is important to conduct thorough research, understand the risks involved, and only invest what you can afford to lose. As always, exercise caution and make informed decisions in the volatile world of cryptocurrencies.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.