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Meme coins agree with develop into the Wild West of the crypto procedure, providing each and every excessive rewards and critical risks. Over the weekend, on-chain tracking platform Lookonchain noticed that some crypto whales had engaged in gigantic meme coin transactions, with some recording positive aspects whereas others witnessed losses.
This activity showcases the attract and volatility of meme coins, where fortunes also can moreover be made in a single day.
Wild Weekend for Meme Coins
Per Lookonchain, the address sundayfunday.sol became 13 Solana (SOL), payment about $2,275, into $2.26 million in precisely 8 hours by buying for the 1DOL meme coin. From this transaction, they earned a staggering 993x return.
Lookonchain extra important that sundayfunday.sol is the predominant participant within the BOOK OF MEME (BOME) presale. They had spent 421 SOL (about $72,000) to amass BOME.
Sundayfunday.sol bought 1.43 billion of BOME, valued at $40 million at some level of the asset’s high trace. They then sold 530 billion BOME for 38,305 SOL, roughly $7.66 million, and within the intervening time agree with 894 billion BOME, valued at $10.5 million.
Read more: Guide of Meme (BOME) Value Prediction 2024/2025/2030
Additionally, Lookonchain noticed that the address “4pV17t9g4qdH3HWZzq6dZ62785pDYhkKUSPai8FHvQTH,” suspected of being the crypto market maker Wintermute, spent 2,000 SOL ($337,000) to amass MANEKI at $0.0098 on Also can 18. The the same address previously spent 1,300 SOL ($201,000) to amass MICHI 9 days within the past. Following the transaction, MICHI grew to develop into a typical meme coin at some level of the last week.
In distinction, Lookonchain also reported critical losses amongst totally different crypto whales. On Also can 18, a crypto whale sold 732,481 dogwifhat (WIF), payment $1.85 million, at a loss. This whale before all the pieces purchased 732,481 WIF for $2.18 million at $2.98 per coin stunning three days earlier. The sale at around $2.52 per coin resulted in a loss of $330,000.
Other meme coins adore PONKE and 1CAT also marked critical positive aspects over the final 24 hours. DEX Screener files reveals 1CAT surged by 1,320% and is now trading at $0.001017. PONKE rose around 54% since Also can 18 and is within the intervening time trading at $0.3458.
The case of these meme coin whales illustrates the thrilling but awful aspects of meme coin trading. Ken Timsit, managing director at layer-1 blockchain Cronos, emphasized the challenges of trading meme coins. He important that there would possibly be no longer any definite formulation for a fresh particular person to trade meme coins.
“Meme coin investors spend a great deal of time on X (Twitter), Farcaster, and Discord to acquire a in truth feel for the community sentiment, and so they are ready to behave on that sentiment within hours. Whereas the dream of in a single day riches also can moreover be compelling for heaps of folks, it’s an crucial that customers and developers continue to listen to to totally different blockchain utilize cases reminiscent of DeFi, Web3 gaming, decentralized social platforms, and decentralized infrastructure,” he instructed BeInCrypto.
Read more: What Are Meme Coins?
Indeed, this weekend’s events and Timsit’s insight spotlight the need for meme coin traders and investors to formulation these resources with caution and strategic insight.
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