A savvy whale has once again struck gold with $POPCAT, a Solana-based memecoin.
According to Lookonchain’s reporting, the whale made more than $1.2 million in unrealized profit after purchasing 6.11 million $POPCAT at $0.68 between September 12 and September 13.
This brings the whale’s total investment to 4.13 million USDC, with the current value of the holdings standing at $5.32 million.
POPCAT Makes a Big Win to Grab Attention
This isn’t the whale’s first big win with $POPCAT. Earlier, they made a $1.47 million profit by spending 1.6 million USDC to buy 2.36 million $POPCAT at the same price of $0.68, just in a few hours.
The whale also successfully traded the memecoin earlier this year, buying 6.05 million $POPCAT between April 21 and April 26 for 1.84 million USDC, and later selling it on September 5 for 3.31 million USDC, making a profit of $1.47 million.
POPCAT, one of the most popular Solana-based memecoins, is currently trading at $0.8704, up more than 21% in the last 24 hours.
Its global market cap has surged by more than 20% in a day, standing at $852.86 million.
The 24-hour trading volume has also jumped by over 50%, reflecting the growing interest in memecoins and the community-based excitement surrounding them.
Although memecoins such as $POPCAT are frequently written off as novelty coins, the cryptocurrency community finds great value in them. Their attraction is derived from the sense of identification and belonging they provide, in addition to the possible financial rewards.
These currencies appeal to people because of their fun vibe and the sense of community they foster in the cryptocurrency space. They frequently offer a welcome diversion from the sombre, profit-driven focus of other tokens.
Smart Money, Strategic Moves Make Memecoin a Win
The whale has demonstrated a good strategic understanding of the memecoin market by timing their $POPCAT buys and sells.
The 6.11 million $POPCAT tokens were acquired by the whale using two wallets at an average price of $0.68, allowing them to profit greatly from the meme coin’s rising value.
Although the larger memecoin market is perceived by some as unstable or ephemeral, this astute investor has found it to be a consistently lucrative endeavour.
In the realm of decentralised finance, this success story emphasises the significance of comprehending market patterns, mood, and the potency of socially driven assets.
Also read
New Memecoin Craze Slows Down by 50%, Is It Quality Over Quantity Now?
Trader Turns $800 Into $400K On MOODENG Amid Social Media Craze
MBAPPE Meme Coin Madness: From $29 To $125,000 In Minutes, & A $1 Million Loss