A BONK whale has accumulated a massive quantity of the token in a long-term bullish bet.
Whale embrace of crypto is beginning to take the stage in the ecosystem.

In the world of crypto trading, one whale has caught the attention of the community by once again going long on Bonk (BONK), a memecoin resident on the Solana blockchain.

According to on-chain data reported by blockchain tracking platform Lookonchain, this savvy trader, who previously made millions on BONK, recently purchased over three billion BONK, signaling renewed bullish sentiment in the Dogecoin (DOGE) rival. 

The Strategic Moves from the BONK Whale

Lookonchain revealed in a post on X that the profitable BONK trader spent 386 SOL worth approximately $40,000 to acquire 3.29 billion BONK on January 9. The trader had previously accumulated 371.4 billion BONK over nine months at a cost of only 6,998 SOL or $276,000. 

This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!

He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e

— Lookonchain (@lookonchain) January 9, 2024

During the previous surge, the BONK whale sold half of their holdings for a substantial profit of 50,139 SOL ($5.2 million). The trader’s decision to reinvest in BONK indicates a strong belief in the digital asset’s future potential. It also raises questions about what might be driving this renewed confidence and optimism in the wake of a successful exit during the previous surge.

Bonk, launched in December 2022 through a free airdrop to the Solana community, sets itself apart from other memecoins like Shiba Inu (SHIB) and Pepecoin (PEPE) by opting for newer, cost-effective blockchain technology. 

Solana serves as the foundation for BONK, emphasizing efficiency and scalability. Despite being in circulation for over a year, BONK’s popularity has recently surged, fueled by its robust community focus and integration with over 100 Web3 partners across wallets, Non-Fungible Tokens (NFTs), and gaming platforms.

At the time of writing, Bonk is trading for $0.0000157, reflecting a 6.7% increase in the last 24 hours. The coin’s market cap stands at $957,084,748.

According to earlier reports, analysts predict further potential for BONK, with 2024 projections pointing to a possible rise that could be as high as $0.00007524, representing a 500% increase from its current price. This optimism suggests that bullish momentum may continue to drive Bonk’s market performance.

Whale Movements in the Crypto Market

Lookonchain’s observations also extend to the activities of cryptocurrency whales, particularly in the Wrapped Bitcoin (WBTC) market. One whale capitalized on the sudden WBTC price rally, selling 355 WBTC for 15.9 million USDT at $44,875, making a substantial profit of approximately $5.6 million. 

On the other side of the spectrum, another whale accumulated nearly 391 WBTC, spending 18.25 million USDC with an average buying price of $46,689. These WBTC transactions highlight the dynamic nature of the crypto market, where whales strategically navigate price movements to maximize their returns. 

As of the latest available data, Wrapped Bitcoin is trading for $46,588.85, demonstrating more than 2% increase in the last 24 hours.

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Filed under: Bitcoin - @ January 11, 2024 5:14 pm