A deep-pocketed investor is suddenly amassing huge amounts of a Dogecoin (DOGE) rival to US crypto exchange Coinbase, on-chain data shows.
Digital asset tracker Lookonchain notices a crypto whale spent 606.00 USDC to buy almost 228,000 dogwifhat (WIF) memecoins.
“A whale buys WIF! The whale created a new wallet and raised 1.83 million USDC from Coinbase to buy WIF. So far he has spent 606,000 USDC to buy 227,896 WIF for $2.66, with 1.22 million USDC left. The purchase is in progress [on May 20th].”
WIF is trading at $2.83 at the time of writing, up 10.7% in the last 24 hours.
Next up is Lookonchain noticed another crypto whale made huge profits trading GME (GME), a memecoin launched on Solana (SOL) in January and inspired by the GameStop (GME) short-squeeze frenzy of 2021.
“Since the price of GME fell, a trader spent 3,059 SOL ($526,000) to buy 78.57 million GME at $0.0067. This trader spent 1,409 SOL ($165,000) to buy 68 million GME for $0.0024 on February 15 and 16.
After holding for three months, GME ushered in an increase. He sold 35 million GME for 3,447 SOL ($503,000) for $0.0144 on May 13 and 14. He currently owns 111.57 million GME ($781,000), with total earnings of ~$593,000.”
