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Despite facing various criticisms, memecoins based on Solana continue to emerge as profitable investments, providing significant gains to their investors. These altcoins have attracted the attention of smart money or whale-level investors, yielding substantial profits and continuing to do so. On-chain data reveals valuable information about memecoins purchased by whales, especially after the success of Book Of Meme (BOME) and Cat in a Dogs World (MEW).
Whales Accumulate Shares of Orcat
According to on-chain data provider Lookonchain, the largest participant in the BOME presale has become the biggest investor in Orcat. The smart money wallet address known as sundayfunday.sol strategically used 73 Solana (SOL) worth $15,000 to purchase 94.55 million Orcat, taking control of 9.46% of the total supply and establishing significant dominance over the altcoin.
The crypto whale also became a major liquidity provider for Orcat by contributing 150 SOL and 12.4 million Orcat on Raydium, a leading AMM and liquidity provider on the Solana Blockchain. It’s worth mentioning that this investor’s strategic moves include a significant investment in BOME, resulting in a profit of $30.2 million from an initial investment of $72,000 in just three days.
Another smart money wallet address, B8g2G…XogNJ, took advantage of the opportunity presented by Orcat and earned a profit of $400,000, an astonishing gain rate of 2,279%, by purchasing 20.7 million Orcat with 8.2 SOL, strategically following the lead of the largest BOME investor, sundayfunday.sol.
BOME Continues to Show Strength
Current data shows BOME’s price has risen by 6% in the last 24 hours and over 10% in the past week, indicating strength. BOME, currently trading at $0.01516, stands out with high trading volume, signaling increased interest among investors. The rise in trading activity on Solana-based DEXs like Jupiter and Raydium also signals high demand for Solana-based memecoins.
Experts advise investors to conduct thorough research before investing in memecoins, despite their high-profit potential, and to invest according to their risk tolerance. Additionally, these memecoins have not yet been listed on major cryptocurrency exchanges, making them highly speculative assets. Despite the potential for high returns, investors should exercise caution and consider the highly volatile nature of memecoin investments in their portfolio diversification strategies.
