Memecoin projects have become the Wild West of the crypto world, offering high returns and significant risks. According to Lookonchain's blockchain data analysis report, some crypto whales are processing large amounts of memecoin transactions. Although these transactions sometimes provide great profits, they can also cause significant losses. This situation clearly shows how volatile and risky memecoins are.
Memecoin Hype Continues
According to Lookonchain data, the address sundayfunday.sol converted 13 Solana from the 1DOL memecoin project from a value of approximately $2,275 to $2.26 million in just 8 hours. This investor was also the largest participant in the BOOK OF MEME (BOME) pre-sale. He spent 421 SOL to purchase $72,000 worth of BOME, resulting in a $40 million portfolio that reached 1.43 billion BOME when the asset was at its peak price.
Sundayfunday.sol sold 530 billion BOME for 38,305 SOL and earned approximately $7.66 million. Currently, it has a portfolio of 894 billion BOME with a total value of 10.5 million dollars. This example clearly shows how quickly memecoins can generate profits and also how volatile they are.
What's Happening in the Memecoin Space?
Lookonchain also noted that an address thought to be crypto market maker Wintermute spent $2,000 SOL to buy MANEKI on May 18, trading $337,000 worth of it. This address had previously made transactions worth $201,000 for 1,300 SOL. After this transaction, MICHI became a popular memecoin. However, memecoin investments may not always be profitable; Some crypto whales may also experience major losses.
For example, on May 18, a crypto whale sold 732,481 dogwifhat (WIF) tokens, which he bought for $2.18 million, for a loss of $1.85 million. However, it was purchased just three days ago at $2.98 per token. Selling at around $2.52 per token, it incurred a loss of $330,000.
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