While Solana (SOL)-based memecoins continue to be popular among investors, the most notable of these is Dogwifhat (WIF).
With its success, WIF rose to fourth place among memecoins in market value, while the largest owner of WIF is purchasing more WIF with a profit of over $68 million.
According to the Lookonchain post, the whale, which is the largest holder of WIF, has deposited 21.9 million WIF ($35.48 million) and borrowed 2.61 million USDC on Kamino in the last three days.
The whale purchased approximately 1.8 million more WIFs with the 2.7 million USDC of borrowed stablecoins.
According to the data, this whale spent approximately $226,000 between December 13-15, 2023 to buy a total of 19.86 million WIFs at just $0.0114 each.
The whale, who then acquired the domain name “binance-insider.sol” on the Solana network, spent 86,738 Solanas ($8.92 million) to acquire 17.23 million WIF in a single transaction.
Lookonchain stated that the whale still has 27.2 million WIFs worth $44.36 million, and that this address, whose owner is unknown, has made a profit of more than $68 million thanks to WIF.
“WIF's largest holder is buying more at a profit of over $68 million and WIF is also long!
Over the past 3 days, he deposited 21.9 million WIF ($35.48 million) into Kamino and borrowed 3.24 million USDC, then spent 2.7 million USDC to buy ~1.8 million WIF! ….
This whale currently holds 27.2 million WIF (worth $44.36 million) and has made over $68 million in total profits!”
WIF, which has gained 13.2% in the last 7 days, continues to trade at $1.62 at the time of writing.
*This is not investment advice.