According to Onchain data, a cryptocurrency whale made significant altcoin trades during today's decline.
The whale in question managed to turn his initial investment of 500 Solana (SOL) into 5,789 SOL, or 781 thousand dollars, in just 15 minutes.
This whale was one of these types of traders, called “snipers”, who managed to be among the first investors in memecoins as soon as they were introduced to the market. Balina wallet purchased a large amount of its earnings from an unknown Solana-based token called QUACK.
The wallet purchased 665 million QUACKs by spending 500 SOL, which is equivalent to 67 thousand dollars. He completed his transaction as soon as the QUACK token became available for trading. With this acquisition, Balina account now owns 15.83% of QUACK's total supply.
However, given the high-risk and volatile nature of memecoins, it is important to remember that a new memecoin is incredibly speculative and risky. The majority of working users who are not the first investors of Memecoins close their transactions with a loss.
Then, the giant whale, which started to realize its profit, sold all its QUACK tokens for 5,789 SOL, or 781 thousand dollars. Balina wallet's total earnings from this 15-minute transaction was 714 thousand dollars.
*This is not investment advice.