Date: Sat, August 03, 2024, 05:30 AM GMT
The cryptocurrency market took a hit yesterday, with top assets like Bitcoin (BTC) and Ethereum (ETH) dropping over 8% due to bearish global market. In this bearish market, many investors started booking profits in memecoins as well.
Monitoring by Lookonchain showed a striking example of this shift, with five wallet addresses—possibly belonging to the same individual—selling 14.53 million WIF tokens about seven hours ago. According to on-chain data, it sold for approximately $24 million.
5 wallets(may belong to the same person) sold 14.53M $WIF($24M) 7 hours ago!
— Lookonchain (@lookonchain) August 3, 2024
Incredibly, this guy bought 14.53M $WIF on Nov 30, 2023, and the cost was only $5,340!
He got a 4,497x return!
If he sold at the highest price, he would have made a profit of more than $69M, a 12,927x… pic.twitter.com/Of1kpEwOze
What really makes the transaction truly remarkable is the return on investment. These WIF tokens were initially purchased on November 30, 2023, for $5,340. Now, with the recent sale, it realizes 4,497 times the principal investment.
This is a very good example of the extreme profit potential that lies within memecoins, all while the market remains unpredictable. Investors are on high alert for any chance at making money moving forward in these uncertain financial times.
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