Memecoins
Top Crypto Trader Buys These 2 Memecoins
Memecoins are once making waves in the crypto market. Over the last 24 hours, 4 of the 10 best performing cryptocurrencies in the top 100 are meme coins. The biggest gainers are BONK (+10.2%), PEPE (+4.8%), WIF (+4.7%) and FLOKI (+4.1%). With coins Slowly regaining strength, crypto traders are apparently focusing on lesser-known coins.
The Best Crypto Trader Focuses on These 2 Memecoins
According to data from on-chain analytics service Lookonchain, the popular crypto trader known as “paulo.sol” has made significant progress into new memecoin territories. Paulo.sol, which has already accumulated substantial profits from coins like BONK, WIF and BODEN, is now focused on acquiring significant stakes in PUPS and POPCAT.
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What a legend!😱
paulo.sol made profits of $9.51 million on $WIF$7.04 million on $boden and $6.28 million on $BONK.
1/ Let’s look at his transactions to see what he’s buying.👇 pic.twitter.com/2axUwHb3el
– Lookonchain (@lookonchain) April 26, 2024
Lookonchain’s recent posts on X (formerly Twitter) provide a deep dive into paulo.sol’s past and present investment models. “What a legend! Paulo.sol made profits of $9.51 million on WIF, $7.04 million on BODEN and $6.28 million on BONK,” Lookonchain tweeted. In total, the crypto trader made $22 million in realized profits.
The messages further reveal that paulo.sol has joined BONK in early November 2023, making substantial gains as its value increased. “As of November 11, 2023, paulo.sol noticed the rise of BONK and purchased BONK. He made approximately $6.28 million by buying BONK low and selling it high,” the data provider said.
The crypto trader continued his strategy by investing in WIF and BODEN in December 2023 and March 2024 respectively, following their sharp price increases. Notably, “paulo.sol did not buy WIF and BODEN when they first went live, but paid attention to them and bought heavily when they first rose sharply,” Lookonchain observes.
Currently, paulo.sol continues to hold 12.87 million BODEN tokens worth approximately $7.6 million and 1.87 million WIF tokens worth approximately $5.7 millions of dollars. However, its most recent activities show a direction towards new coins, PUPS and POPCAT, attracting the interest of investors and analysts.
Lookonchain noted: “We noticed that paulo.sol is buying PUPS and POPCAT recently. He spent $1.77 million to buy 4.3 million POPCAT at $0.42 today. And he spent $5.97 million to buy 101,712 PUPS at $59 since April 11, becoming the largest PUPS holder on Solana.
The impact of paulo.sol’s investment has been palpable in the market dynamics of newly favored meme coins. Despite a general slowdown in the memecoin sector, POPCAT price surged 52% today, trading at around $0.51 with trading volume increasing 51% to $166 million. Over the past nine days, POPCAT has increased by 410%.
On the other hand, PUPPIES today sees a 4.2% price drop, trading at $36.96, with a 27% drop in trading volume to $2.82 million. Since hitting an all-time high above $152 on April 14 (on Coinex), the price of PUPS has declined by over 78%.
Featured image from Binance Academy, chart from TradingView.com