After remaining silent for two months, a prominent cryptocurrency whale—identified only by the name of their wallet, 8icKq—has made a large, unusual move.
This particular whale has deposited 10 million POPCAT tokens, worth about $3.15 million, into the Bybit exchange. Traders and investors are now paying attention to this latest market move since the whale in question has a history of making profitable trades and has netted sizable gains from the meme coin POPCAT. To make things even more interesting, the whale’s deposit and market re-entry comes right as the value of POPCAT has surged about 14.70% in the past 24 hours.
Whale’s History with POPCAT: Early Buy-In and Impressive Returns
The whale, 8icKq, initially entered the POPCAT market on December 14, 2023, during early-stage token ascent. At that time, the whale spent 350 SOL (approx. $24.5K) to procure 9.27 million POPCAT tokens. This early position has since grown beautifully for 8icKq, who has pulled the trigger on several major trades over the past year. In total, 8icKq has traded over 20.9 million POPCAT tokens. If we use the significantly better average prices at which 8icKq has sold the tokens to calculate profits realized, then we can see that substantial profits have been made over the past year.
These trades, executed with considerable forethought, have yielded a pretty penny. Currently, the whale possesses a paltry 1.173 million POPCAT tokens—half in each of two wallets—that together amount to a not insubstantial $369K. But that’s not the impressive part. Nor is the sum from these transactions that the whale has amassed: $7.32 million. What’s astonishing is the ROI—633%—which, of course, is always a nice figure to see when one is above a level of subsistence in the realm of net worth.
Diversification Beyond POPCAT: The Whale’s Holdings in FARTCOIN
Although POPCAT has been the standout token in the 8icKq portfolio, it is not the only coin in this whale’s holdings. In addition to POPCAT, the whale also holds 8.62 million FARTCOIN tokens, valued at $4.17 million. FARTCOIN, another meme coin, has contributed an additional $746K in profit for 8icKq, representing a 22% return on investment. The whale’s strategy of diversifying into various meme coins reflects a broader trend among crypto investors, who are increasingly looking to balance risk and reward across multiple assets.
Currently, 8icKq’s total portfolio is worth a substantial sum. The main source of profits appears to be coming from POPCAT. The whale’s impressive gains in the meme coin market highlight a few important investing principles. First, they’re a testament to the market-timing abilities most successful whale investors possess. Second, they’re an illustration of the calculated moves those same investors make. And in the case of 8icKq, they point toward a substantial profit potential meme coins can offer when moved in and out of wisely.
Recent Surge in POPCAT’s Price
Bybit has just received a deposit of 10 million POPCAT tokens from 8icKq. POPCAT is a meme coin that has been experiencing a surfacing price rally. In the past day alone, the price has surged up about 14.7%, which is part of what makes this highlighted deposit by 8icKq on the Bybit exchange seem relatively Kevin-Durant-like in nature, especially considering that 8icKq was previously trading in a range of 2 million to 4 million tokens. You know, keep it humble.
The price surge is consistent with the other meme coins. These coins are infamous for the sharp price increases they see when investor enthusiasm runs high. That’s what we saw with Kishu as well when its price shot up recently. We could also see the price dip again shortly. When it comes to price movements in meme coins, the market is just as likely to turn against you as it is to turn in your favor. The first principle of investing in such assets is to remember how speculative they are. Even whales must factor that in when making their decisions.
The Impact of Whale Activity on POPCAT and the Market
Activities of whales such as 8icKq exert a pronounced influence on the market for lesser-known tokens, such as POPCAT. When a whale deposits a sum as large as 8icKq’s, the immediate effect is to make traders who aren’t already aware of the asset pay attention to it. The attention can very quickly lead to a price rise, with traders throwing in buy orders for POPCAT, which is just the kind of effect that 8icKq and other whales are almost certain to want.
In addition, the whale returning after two months of silence suggests there is still potential for growth in POPCAT. Whether the re-entry is a short-term play or a longer-term strategy remains to be seen, but coming back with such a sizable deposit has definitely raised shock and awe across the crypto community.
Looking Ahead: What’s Next for 8icKq and POPCAT?
As 8icKq reenters the market and POPCAT’s price rises, all eyes are on the whale and the broader market for meme coins. Judging by the impressive returns 8icKq has racked up so far from both POPCAT and FARTCOIN, the whale’s understood how to leverage hype to profit. It’s trendy now to ask what the whale might do next with the money, and whether this deposit is a sign of impending market activity in the POPCAT space, if not in the meme coin market more generally.
The crypto market keeps maturing, but one thing remains clear: whales like 8icKq are pivotal in determining the destinies of small tokens like POPCAT. The whale’s $7.32 million profit and the fact that it is a potent force in the meme coin world bring home these essential truths: Investing in tokens is a high-risk, high-reward proposition; and yes, some people make a lot of money in this space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: ramirezom/123RF // Image Effects by Colorcinch
