Memecoins on the Solana blockchain saw notable gains on Thursday following the Federal Reserve’s interest rate cut.
Among the standout performers was Dogwifhat ($WIF), which surged by 6.55%, securing its place as one of the top-performing memecoins. The token boasted a trading volume of $424 million, drawing significant attention from traders.
In a major move, the largest holder of $WIF borrowed 4.5 million $USDC from Kamino and used it to purchase an additional 2.55 million $WIF at a price of $1.76 per token just five hours ago.
This brings the whale’s total holdings to 31.2 million $WIF, currently valued at $57.4 million, with a total profit exceeding $74 million.
The largest holder of $WIF borrowed 4.5M $USDC from #Kamino to buy 2.55M $WIF at $1.76 again 5 hours ago!
This whale now holds 31.2M $WIF($57.4M), with a total profit of more than $74M!
This whale spent $226K to buy 19.86M $WIF at only $0.0114 from Dec 13 to Dec 15, 2023, then… pic.twitter.com/Y5ADkkxDYr
— Lookonchain (@lookonchain) September 20, 2024
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This savvy investor initially spent just $226,000 to acquire 19.86 million $WIF at a rock-bottom price of $0.0114 between December 13 and 15, 2023.
Not stopping there, the whale made a strategic move by registering the domain “binance-insider.sol” and then executed a massive purchase of 17.23 million $WIF in one transaction, spending 86,738 $SOL, equivalent to $8.92 million.
The whale’s calculated moves and impressive profits have attracted attention in the crypto community, especially as memecoins continue to thrive on the Solana blockchain.
With the market still reacting to the Federal Reserve’s decision, traders are keenly observing whether this whale will continue to accumulate $WIF or take profits from the market. The surge in trading volume and whale activity signals a strong interest in memecoins, even amid broader market uncertainties.
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: jtdee23/123RF // Image Effects by Colorcinch
