A cryptocurrency whale has made more than $2.9 million worth of profit by betting on the meme-inspired cryptocurrency $BONK at the right time, as the Solana-based token recently surged more than 50% in a day.
According to on-chain analysis service Lookonchain, a cryptocurrency whale accumulated 98 billion BONK tokens worth over $1.5 million from leading cryptocurrency exchange Binance just before the cryptocurrency’s price moved.
The whale has a total of 319.44 BONK tokens worth over $7 million, and is already sitting on around $2.9 million worth of unrealized gains.
Part of its success is attributed to it being based on Solana, a layer-2 cryptocurrency that has surged so far this year as institutional investors bet on it and as it recovers from the collapse of FTX, which had heavily supported its ecosystem.
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As CryptoGlobe reported, other cryptocurrency whales have managed to make significant gains on BONK. Earlier this year, a cryptocurrency trader who managed to make $6.9 million trading the Solana-based meme-inspired cryptocurrency $BONK, spent an additional $40,000 worth of Solana’s native SOL token to reinvest into the meme-inspired token.
BONK helped Solana’s Saga phone sell out late last year, over a lucrative airdrop of 30 million BONK tokens available to each new owner of the phone, presenting an enticing arbitrage opportunity.
The cryptocurrency’s 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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- Source: https://www.cryptoglobe.com/latest/2024/03/cryptocurrency-whale-makes-millions-on-timely-bet-in-solana-based-memecoin/
