Meme Coins Deliver Big Gains As Whale Invests $2.7M In WIF And BONK Amid Surging Market

Meme coins have led the charge in the crypto market over the past week, with top performers like DOGE (+96%), PEPE (+97%), WIF (+67%), and BONK (+67%) netting substantial returns for traders.

While these speculative assets attract attention, high social dominance in meme coins often signals a wave of emotional and greed-driven trading. Experts advise caution as discussions about meme coins dominate platforms like X, Reddit, Telegram, 4Chan, and BitcoinTalk.

😹🐶 Meme coins have undoubtedly netted the best returns over the past week for traders with DOGE (+96%), PEPE (+97%), WIF (+67%), & BONK (+67%) leading the way.

Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious… pic.twitter.com/eya6ip8IMb

— Santiment (@santimentfeed) November 13, 2024

In a notable move today, a whale invested 12,400 SOL (approximately $2.7 million) in two of the top-performing meme coins, WIF and BONK. This substantial investment saw the whale spend 7,200 SOL (around $1.57 million) to acquire 406,000 WIF at a price of $3.87 per token. Additionally, they allocated 5,200 SOL (about $1.13 million) to buy a whopping 29.32 billion BONK tokens at $0.0000387 each.

A whale spent 12,400 $SOL($2.7M) to buy $WIF and $BONK today.

The whale spent 7,200 $SOL($1.57M) to buy 406K $WIF at $3.87 and spent 5,200 $SOL($1.13M) to buy 29.32B $BONK at $0.0000387.$WIF pumped 44% and $BONK pumped 31% today.https://t.co/wYoqiEcflA pic.twitter.com/M4LguOkiA8

— Lookonchain (@lookonchain) November 14, 2024

Whale Buy-In, WIF And BONK Pumps 

This whale’s significant buy-in coincided with substantial price pumps in both tokens: WIF rose by 44%, while BONK surged 31% over the day. Such large purchases by influential investors often contribute to short-term price increases, drawing further attention to these assets and driving market volatility.

While meme coins are yielding strong gains, traders should approach with caution given their speculative nature. High returns can be enticing, but the inherent risk tied to the volatile nature of meme coins is equally high. The current trading frenzy around meme coins reflects the intense hype within the crypto space, where high returns come hand-in-hand with high risks. For those eyeing quick profits, it’s essential to recognize that these trends are often fueled by hype rather than fundamentals.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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