Despite skepticism, Solana‘s memecoins are yielding high returns, drawing in large investors. These alternative digital currencies are proving to be lucrative, with recent memecoin successes fostering a bullish sentiment among whale investors. On-chain data sheds light on these investors’ acquisitions and strategies, particularly in the wake of Book Of Meme (BOME) and Cat in a Dogs World (MEW).
Whale Investors Dominate New Memecoin Market
On-chain analysis from Lookonchain shows a significant whale investor from the BOME presale is now the largest stakeholder in the new memecoin Orcat. The investor, using the handle sundayfunday.sol, injected 73 Solana (SOL), equivalent to $15,000, to purchase a 9.46% share of Orcat’s total supply, amounting to 94.55 million tokens. This move positions the investor as a dominant figure in the altcoin space. Furthermore, the same whale significantly contributed to the liquidity of Orcat on the Solana-based decentralized exchange (DEX) Raydium, enhancing its market stability.
Another savvy investor seized the Orcat opportunity, registering a 2,279% profit by turning an 8.2 SOL investment into $400,000, riding on the coattails of sundayfunday.sol’s strategies. These strategic investments reflect the increasing interest and potential profits available within the Solana memecoin ecosystem.
BOME Registers Sustained Growth Amid Surging Interest
Current trading data indicates a steady ascent for BOME, with its value increasing by 6% daily and 10% weekly. BOME’s current price and volume suggest a strong investor interest. The heightened trading on Solana-based DEXs like Jupiter and Raydium underscores the demand for such memecoins.
Points to Take into Account
- Investors should research extensively before delving into memecoin investments.
- Memecoins are speculative assets and have not been listed on major exchanges.
- The high volatility of memecoins mandates a cautious approach to portfolio diversification.
While experts recommend prudence and research due to the speculative nature of memecoins, the recent performance of Solana-based tokens cannot be ignored. Investors are urged to consider their appetite for risk and the volatile nature of memecoins when adding them to their investment portfolios, despite their high-return potential.