Deep-pocketed investors are suddenly accumulating large amounts of rival Dogecoin (DOGE) from Coinbase, the top U.S. cryptocurrency exchange, according to on-chain data.
Digital asset tracker Lookonchain discovered that the cryptocurrency whale spent 606,00 USDC to purchase approximately 228,000 Dogwifhat (WIF) memecoins.
“Whales are buying WIF! The whale created a new wallet and withdrew 1.83 million USDC from Coinbase to purchase WIF. So far, he has used 606,000 USDC to purchase 227,896 WIF at $2.66, leaving him with 1.22 million USDC left. Purchase is in progress (May 20).”
At the time of writing, WIF is trading at $2.83, up 10.7% in the last 24 hours.
Next, Lookonchain trades GME (GME), a memecoin launched by Solana (SOL) in January and inspired by the GameStop (GME) short squeeze craze in 2021, seeing another cryptocurrency whale make massive profits. Found it.
“After the GME price drop, the trader spent 3,059 SOL ($526,000) to purchase 78.57 Million GME at $0.0067. This trader spent 1,409 SOL ($165,000) to purchase 68 million GME at $0.0024 on February 15th and February 16th.
After holding for 3 months, GME is on the rise. He sold 35 million GME at $0.0144 on May 13 and May 14 for 3,447 SOL ($503,000). He currently holds 111.57 million GME ($781,000), for a total profit of ~$593,000.”
As of this writing, GME is trading at $0.00575, down nearly 18% in the last 24 hours.
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