Cryptocurrency Whale Makes Millions on Timely Bet in Solana-Based Memecoin

A cryptocurrency whale has made over $2.9 million in profits by staking the meme-inspired cryptocurrency $BONK at the right time, as the Solana-based token recently surged more than 50% in one day.

According to on-chain analytics service Lookonchain, a cryptocurrency whale accumulated 98 billion BONK tokens worth more than $1.5 million from leading cryptocurrency exchange Binance just before the cryptocurrency's price moved.

The whale holds a total of 319.44 BONK tokens worth over $7 million and has already accumulated around $2.9 million in unrealized profits.

Part of its success is attributed to being based on Solana, a layer 1 cryptocurrency that has surged so far this year as institutional investors bet on it and as it recovers from the collapse of FTX, which it had heavily supported. measure its ecosystem.



As CryptoGlobe reported, other cryptocurrency whales have managed to make significant profits on BONK. Earlier this year, a cryptocurrency trader who managed earn $6.9 million on operations Solana-based meme-inspired cryptocurrency $BONK spent an additional $40,000 on Solana's native SOL token to reinvest in the meme-inspired token.

BONK helped Solana's Saga phone sell out late last year, through a lucrative 30 million BONK token airdrop available to every new phone owner, presenting an attractive arbitrage opportunity.

The cryptocurrency team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is "for the people, by the people."

Featured image via Pixabay.

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