By
Svetlana Soroka
May 19th, 2024
As of now, the crypto whale still holds 12.87 million BODEN valued at $7.6 million and 1.87 million WIF valued at $5.7 million.
A crypto whale has cashed out massively while trading Solana-based meme coins like Dogwifhat (WIF), Joe Boden (BODEN), and Bonk (BONK). The trader, known by the pseudonym Paulo.sol, made approximately $23 million in pure profits from flipping the digital assets.
Lookonchain, a leading blockchain analytics company, shared the news on X (formerly Twitter) on Friday, breaking down the trades. The whale made $9.51 million from WIF, $7.04 million from BODEN, and $6.28 million from BONK.
Mastering the Flip
Paulo.sol’s success story began in November last year when he noticed the rising value of BONK and decided to invest. He then started flipping the tokens after the first purchase, buying at a lower price and selling high. Through this method, the whale generated a total of $6.28 million in profits from BONK alone.
The following month, on December December 4, 2023, the trader identified another opportunity with WIF and made a successful investment. He found the token when it was freshly launched online and held it until it became profitable.
According to Lookonchain, his keen eye for promising assets led him to BODEN on March 6, 2023, where he once again capitalized on the coin’s upward trajectory.
Coincidentally, during this period, BODEN experienced a remarkable surge, increasing by 830% in just six hours and an astonishing 2431% in 24 hours.
Like BONK, Paulo.sol closely monitored the performance of both BODEN and WIF and cashed out when they experienced sharp price increases.
Crypto Whale Continues to Invest in Memes
As of now, the crypto whale still holds 12.87 million BODEN valued at $7.6 million and 1.87 million WIF valued at $5.7 million. In addition to his current holdings, Paulo.sol has recently shown interest in other memecoins within the Solana ecosystem.
Lookonchain said the trader purchased 4.3 million POPCAT tokens worth around $1.77 million at the market price of $0.42 each.
Earlier this month, he also invested $5.97 million to acquire 101,712 PUPS, a memecoin on Bitcoin (BTC) for $59 each since April 11. Lookonchain said the recent purchase has made him the largest holder of the digital asset on Solana.
Meanwhile, Paulo.sol is one of the many traders in the industry cashing out big on meme coins.
On April 16, Coinspeaker reported that an anonymous whale turned a $10,000 investment into $5 million by flipping memes on both Solana and the Ethereum scaling solution Base.