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Tuesday, May 21, 2024

Meme Coins Battle: Whales Are Ditching PEPE And Accumulating BONK, SHIB

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A crypto whale has scored 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 ентитъ acquired 98 billion BONK tokens, valued at more than $1.5 million, from Binance just before the token’s price surged by over 50% in a single day.

At press time, the whale holds 319.44 BONK tokens, amounting to over $7 million, with unrealized profits of approximately $2.9 million.

BONK is trading at $0.00002295, up 6% from yesterday and 90% this week.

BONK, PEPE, & WIF Lead The Altcoin Market

The meme coin market has seen a significant shift from $27.2 billion to $32 billion this week, a notable increase that underpins the crypto market frenzy. One of the main drivers behind the upswing is PEPE, which witnessed a massive 180% surge weekly.

Lookonchain also reported how another whale capitalized on the PEPE hype by selling off their holding of 1.97 trillion PEPE tokens, valued at $6.07 million, generating a profit of $3.49 million. The whale then bought SHIB and, curiously, metaverse coins like MANA and SAND.

Dogwifhat (WIF) also surged 10% on Thursday, hitting a new all-time high and nearly reaching the $1 target. What’s more impressive than its 10% surge in a day is that WIF has exploded 200% this week, making it one of the hottest Solana-based meme coins next to BONK.

As CryptoPotato reported, 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.

The recent surge in price for these popular meme coins generated a lot of FOMO, leading users to place risky bets on certain tokens like WIF or PEPE. Readers should remain cautious when engaging with these types of cryptocurrencies.

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