A whale just bought 479.6 Million $MEW in the last 24 Hours when the market crashed significantly due to negative news around geopolitical conflicts. 

The trade was recorded by the Twitter Account Lookonchain, which spotted two whale transactions in the meme sector during yesterday’s volatility. 

A Whale Bought 479.6 Million $MEW Worth $1.54 Million 

The data was recorded by the Solana Blockchain Scanner, SolScan, where Lookonchain detected anomalies in the blockchain data. 

Lookonchain stated that many whales transacted during yesterday’s volatility, however, only two stood out in the meme coin sector. 

One of the whales that stood out was the one purchasing $MEW where it did multiple transactions totaling around 479.6 Million $MEW. 

Onchain Transaction / Source: Twitter

The total amount of these transactions was around $1.54 Million in which Lookonchain tracked the whale to see where the money came from. 

The money seems to come from a centralized exchange, as the whale withdrew his fund from the centralized exchange into a decentralized Web3 wallet to then transact directly on a Solana Decentralized Exchange (DEX). 

While the exact DEX was not mentioned, there are speculations that the transactions came from either Raydium or Jupiter, which are two of the most used DEX in the Solana Ecosystem. 

It is speculated that the whale has just deposited his through the centralized exchange, so the money that was used was fresh, and is not an old stablecoin that was held in the exchange. 

This can be supported by the fact that according to data from CryptoQuant, the stablecoin inflow rose significantly in the last couple of days during the turbulence that the market experienced. 

The inflow seems to have come from traders and investors who looked at the crash as an opportunity, buying tokens and coins at a lower price than before. 

$MEW’s Price Still Going Up

Lookonchain noted that there was another token being purchased by whales, which is the $SLERF meme token on the Solana Ecosystem. 

Degen Whales seems to be trying to capitalize on the recent crash to purchase as many meme coins and tokens as possible to gain profit in the future. 

Currently, the profit has not come yet as the market is still consolidating due to uncertainties in the market. 

The whale that purchased $MEW has also not received any profit yet as $MEW went down around 10% to 20% in the last 24 Hours during the whale’s buying spree. 

However, looking at the price movement of $MEW, there are potential opportunities for profit in the future as the price is breaking out of its downtrend and is currently in a re-test movement before potentially going up. 

There is a potential for the price of $MEW to go up around 50% in the next couple of days, which might give the whale around $500,000 in profit in a short time. 

This proves that capital and a little bit of recklessness can play a huge role in determining profit in the meme coin sector as it is highly volatile but can give big returns, essentially being evident in the “high risk, high reward” statement. 

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