Meme cash have grow to be the Wild West of the crypto area, providing each excessive rewards and vital dangers. Over the weekend, on-chain monitoring platform Lookonchain seen that some crypto whales had engaged in substantial meme coin transactions, with some recording features whereas others witnessed losses.
This exercise showcases the attract and volatility of meme cash, the place fortunes may be made in a single day.
Wild Weekend for Meme Cash
In line with Lookonchain, the deal with sundayfunday.sol turned 13 Solana (SOL), price about $2,275, into $2.26 million in simply 8 hours by shopping for the 1DOL meme coin. From this transaction, they earned a staggering 993x return.
Lookonchain additional noted that sundayfunday.sol is the biggest participant within the BOOK OF MEME (BOME) presale. That they had spent 421 SOL (about $72,000) to purchase BOME.
Sundayfunday.sol acquired 1.43 billion of BOME, valued at $40 million in the course of the asset’s peak worth. They then offered 530 billion BOME for 38,305 SOL, roughly $7.66 million, and at the moment maintain 894 billion BOME, valued at $10.5 million.
Learn extra: E-book of Meme (BOME) Value Prediction 2024/2025/2030
Moreover, Lookonchain noticed that the deal with “4pV17t9g4qdH3HWZzq6dZ62785pDYhkKUSPai8FHvQTH,” suspected of being the crypto market maker Wintermute, spent 2,000 SOL ($337,000) to purchase MANEKI at $0.0098 on Could 18. The identical deal with beforehand spent 1,300 SOL ($201,000) to purchase MICHI 9 days in the past. Following the transaction, MICHI turned a well-liked meme coin over the previous week.
In distinction, Lookonchain additionally reported vital losses amongst different crypto whales. On Could 18, a crypto whale offered 732,481 dogwifhat (WIF), price $1.85 million, at a loss. This whale initially bought 732,481 WIF for $2.18 million at $2.98 per coin simply three days earlier. The sale at round $2.52 per coin resulted in a lack of $330,000.
Different meme cash like PONKE and 1CAT additionally marked vital features over the past 24 hours. DEX Screener information shows 1CAT surged by 1,320% and is now buying and selling at $0.001017. PONKE rose round 54% since Could 18 and is at the moment buying and selling at $0.3458.
The case of those meme coin whales illustrates the thrilling but dangerous facets of meme coin buying and selling. Ken Timsit, managing director at layer-1 blockchain Cronos, emphasised the challenges of buying and selling meme cash. He famous that there isn’t any certain components for an everyday particular person to commerce meme cash.
“Meme coin traders spend plenty of time on X (Twitter), Farcaster, and Discord to get a really feel for the neighborhood sentiment, and they can act on that sentiment inside hours. Whereas the dream of in a single day riches may be compelling for many individuals, it is crucial that customers and builders proceed to concentrate to different blockchain use circumstances akin to DeFi, Web3 gaming, decentralized social platforms, and decentralized infrastructure,” he advised BeInCrypto.
Learn extra: What Are Meme Cash?
Certainly, this weekend’s occasions and Timsit’s perception spotlight the necessity for meme coin merchants and traders to strategy these belongings with warning and strategic perception.
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