The largest non-exchange holder of Solana (SOL)-based memecoin dogwifhat is continuing to accumulate WIF, according to on-chain data.
Blockchain tracking firm Lookonchain says the Solana address that begins with “mmEAfW” has recently accumulated hundreds of thousands of WIF.
“The largest holder of WIF spent 1.54 million USDC to buy 800,556 WIF at $1.92 again!
This whale currently holds 28 million WIF ($53.23 million), and the profit on WIF has exceeded $77 million!”
Last week, Lookonchain shared a chart showing the whale’s accumulation process, buying aggressively during the run-up in March before offloading profits in April and May and then slowly reaccumulating again now.
At time of writing, WIF is trading at $1.86.
Lookonchain also spotted another whale over the weekend depositing massive amounts of Bitcoin (BTC) into Binance, the largest crypto exchange in the world, presumably to sell on the open market.
According to the blockchain tracker, the whale made millions of dollars in profits after months of holding BTC.
“A whale deposited 590 BTC ($38 million) into Binance to sell after the BTC price rose, making more than $15 million!
This whale bought 590 BTC ($22.7 million) from Binance at an average price of $38,472 on Oct 20, 2023, Feb 21, and April 16, 2024.
Address:
18Txv4w4J31Un1gHBnxd6mPdNrkMaSvrJJ”
At time of writing, Bitcoin is trading at $64,145.
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