A big crypto investor, often known as a whale, has recently influenced the market of the $WIF token, showing a bullish outlook and confidence in the token’s future. Lookonchain, a famous on-chain analytics company, revealed that the memecoin whale has invested an additional $35M in the $WIF token after getting a profit of $68M. The analytics platform took to its official social media account to provide further details of the respective development.
Memecoin Whale Further Invests $35M in $WIF after Profiting $68M
In its latest X post, Lookonchain mentioned that the whale has the biggest amount of $WIF holdings. In this respect, the whale has amassed more than $68M in terms of profit. In addition to this, the whale has reportedly been elevating the position thereof in the case of $WIF. Hence, the recent few days have witnessed significant developments from the whale. According to Lookonchain, the whale deposited up to 21.9M $WIF tokens into the Kamino platform.
This amount reportedly accounts for $35.48M in value. After the respective deposit, the whale borrowed almost 3.24M $USDC coins against the $WIF holdings. Additionally, the whale did not leave the borrowed $USDC idle. On the other hand, the whale utilized 2.7M $USDC to buy out 1.8M additional $WIF coins. This move focused on further fortifying the long-term commitment of the whale to the crypto.
The Whale Still Holds $27.2M $WIF
The whale’s engagement with the $WIF tokens started back in mid-December last year. At that time, the whale spent up to $226,000 for the acquisition of 19.86M $WIF coins at a per-token price of only $0.0114. This occurred between the 13th and 15th of December. Just after this buyout, the whale registered a domain “binance-insider.sol.” Following that, the whale spent nearly $86,738 $SOL (equaling $8.92M) to purchase another 17.23M $WIF at once. As per Lookonchain, the whale now holds 27.2M $WIF (approximately $44.36M) in total.
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Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
