Today, two prominent memecoins, $WIF and $SLERF, have demonstrated remarkable price surges, with $WIF gaining 20% and $SLERF up by 10% in the past 24 hours. 

These impressive gains, coupled with a 28% increase in $SLERF over the past 7 days, signal heightened activity among cryptocurrency whales who are actively accumulating memecoins.

According to insights from Lookonchain, whale activity in the memecoin market has been notable. One whale recently invested 24,174 $SOL, equivalent to $3.77 million, to acquire 1.15 million $WIF tokens. Additionally, the same whale withdrew 39,600 $WIF tokens, valued at $131,000, from Binance just 5 hours ago. 

A whale spent 24,174 $SOL($3.77M) to buy 1.15M $WIF and withdrew 39,600 $WIF($131K) from #Binance 5 hours ago.

The whale also withdrew 357,298 $WIF ($1M) from #Binance on April 14.

Then he deposited all $WIF into #Kamino and #Meteora.https://t.co/6exqPdOVoQ pic.twitter.com/VjBwhZgqCM

— Lookonchain (@lookonchain) April 24, 2024

This follows a previous withdrawal of 357,298 $WIF tokens, worth $1 million, from Binance on April 14. Interestingly, all of these $WIF tokens were subsequently deposited into Kamino and Meteora.

In a separate instance, another whale invested 9,453 $SOL, approximately $1.49 million, to purchase 2.99 million $SLERF tokens over the past 2 days. However, this particular whale has a history of trading $SLERF at high prices and selling at lows. 

Despite trading $SLERF seven times in total, five of these transactions resulted in losses, totaling 5,862 $SOL in losses.

A whale spent 9,453 $SOL($1.49M) to buy 2.99M $SLERF in the past 2 days.

This whale always bought $SLERF at high prices and sold at lows.

He traded $SLERF 7 times in total, 5 of which were losses, with a total loss of 5,862 $SOL.

Will he make money this time?… pic.twitter.com/Pc7splPMrI

— Lookonchain (@lookonchain) April 23, 2024

The activity of these whales underscores the growing interest in memecoins within the cryptocurrency market. 

While $WIF and $SLERF have experienced significant gains, the involvement of whales in buying and selling these tokens adds an element of volatility to their price movements. 

As investors continue to monitor whale activity and its impact on memecoin prices, the market remains dynamic and ripe with opportunities for those willing to navigate its intricacies.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: moxumbic/123RF // Image Effects by Colorcinch

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