Memecoins
Sundayfunday.sol Meme Coin Bet Turns $2,275 Into $2.26 Million
Meme coins have become the Wild West of the crypto space, offering both high rewards and significant risks. Over the weekend, on-chain tracking platform Lookonchain noticed that some crypto whales had engaged in substantial meme coin transactions, with some recording gains while others witnessed losses.
This activity showcases charm and volatility of meme coins, where fortunes can be accumulated overnight.
Wild weekend for meme coins
According to Lookonchain, the address sundayfunday.sol is 13 years old Solana (SOL), worth approximately $2,275, which becomes $2.26 million in just 8 hours by purchasing the 1DOL meme coin. From this transaction, they it earned an incredible 993x return.
Look at the chain beyond noticed that sundayfunday.sol is the largest participant in the presale BOOK OF MEME (BOME).. They had spent 421 SOL (about $72,000) to purchase BOME.
Sundayfunday.sol received 1.43 billion BOME, valued at $40 million during the asset’s price peak. They then sold 530 billion BOME for 38,305 SOL, approximately $7.66 million, and currently hold 894 billion BOME, worth $10.5 million.
To know more: Book of Meme (BOME) Price Prediction 2024/2025/2030
Sundayfunday.sol 1DOL Transactions. Source: Solscan
Also, Lookonchain noticed that the address “4pV17t9g4qdH3HWZzq6dZ62785pDYhkKUSPai8FHvQTH,” suspected of being cryptocurrency market maker Wintermute, spent 2,000 SOL ($337,000) to buy MANEKI at $0.0098 on May 18. The same address had previously spent 1,300 SOL ($201,000) to purchase MICHI nine days ago. Following the transaction, MICHI has become a popular meme coin in the past week.
In contrast, so does Lookonchain reported significant losses among other crypto whales. On May 18, a crypto whale sold 732,481 dogwifhat (WIF) at a loss, worth $1.85 million. This whale initially purchased 732,481 WIF for $2.18 million at $2.98 per coin just three days earlier. Selling at around $2.52 per coin resulted in a loss of $330,000.
Other meme coins such as PONKE and 1CAT have also marked significant gains in the last 24 hours. DEX screening data Shows 1CAT increased by 1.320% and is now trading at $0.001017. PONKE has risen approximately 54% since May 18 and is currently trading at $0.3458.
The case of these meme coin whales illustrates the Exciting yet risky aspects of meme coin trading. Ken Timsit, CEO of layer 1 blockchain Cronos, highlighted the challenges of trading meme coins. He noted that there is no safe formula for a normal person to trade meme coins.
“Meme coin investors spend a lot of time on X (Twitter), Farcaster and Discord to get a sense of community sentiment and are able to act on that sentiment within hours. to another may be compelling for many people, it is important that users and developers continue to pay attention to other blockchain use cases such as DeFiWeb3 games, decentralized social platforms and decentralized infrastructure,” he told BeInCrypto.
To know more: What are meme coins?
Indeed, this weekend’s events and Timsit’s insight highlight the need for meme coin traders and investors to Approach these resources with caution and strategic intuition.
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