As Bitcoin continues to hit new All-Time Highs, the cryptocurrency market is witnessing a notable trend where profits from Bitcoin’s surge are finding their way into speculative assets with low liquidity, particularly meme coins.
🤣 #Memecoins had another big day as #Bitcoin's #AllTimeHigh notched above $73.6K. With each $BTC rise in March, it appears profits are quickly being redistributed to speculative assets with low liquidity. Track #memecoin metrics on this useful watchlist: https://t.co/XgaeFiQ8XG pic.twitter.com/9bl4L2TVbm
— Santiment (@santimentfeed) March 13, 2024
One such standout performer is $WIF, which saw an impressive 44% increase in its price today, reaching an unprecedented high of $3.43. This surge in price has attracted the attention of traders and investors alike, leading to increased trading activity and investment inflows into the coin.
In a significant transaction, a whale recently allocated 8,223.78 $SOL, equivalent to $1.26 million, to purchase 540,837 $WIF in a single transaction. This move underscores the growing interest in $WIF and highlights the confidence of investors in its potential for further upside.
The price of $WIF rose 31% again today and reached an all-time high!
A whale spent 8,223.78 $SOL($1.26M) to buy 540,837 $WIF in one transaction 4 hours ago!
He withdrew 13,223 $SOL($2.02M) from #Kraken yesterday and bought a total of 921,272 $WIF at an average price of $2.19.… pic.twitter.com/VKt0ATFbXe
— Lookonchain (@lookonchain) March 13, 2024
Notable Whales Makes Massive Profits From $WIF Investment
Interestingly, another trader opted to cash in on early profits by selling a portion of their $WIF holdings. This trader sold 8.18 million $WIF for 2,031 $SOL, amounting to $142,000, realizing a remarkable 10x profit. However, with $WIF’s current value soaring to 23.25 million USD, the trader missed out on significant potential gains.
Notably, this trader initially acquired 8.18 million $WIF just five days after it commenced trading, investing a modest sum of 20 $SOL, equivalent to $1,173. Despite realizing substantial profits from the initial investment, the trader could have potentially earned over $23 million if they had held onto their $WIF holdings until today.
The 8.18M $WIF this trader sold for 2,031 $SOL($142K) at 10x profit now worth 23.25M USD!
He spotted $WIF 5 days after it opened trading and spent 20 $SOL($1,173) to buy 8.18M $WIF.
When $WIF increased 10x, he sold all $WIF for 2,031 $SOL($142K), making 2,011 $SOL($141K).
If… pic.twitter.com/vOTQTlcKu3
— Lookonchain (@lookonchain) March 14, 2024
The meteoric rise of $WIF exemplifies the speculative fervor gripping the cryptocurrency market, where savvy investors capitalize on volatile assets to generate substantial returns. As Bitcoin’s rally continues to captivate the market, meme coins like $WIF are poised to attract further attention and investment, signaling an exciting period of growth and opportunity in the crypto 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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