Coinbase Whale Begins Accumulating Dogecoin (DOGE) Rival From Crypto Exchange: On-Chain Data

A deep-pocketed investor is suddenly accumulating massive amounts of a Dogecoin (DOGE) rival from top US crypto exchange Coinbase, on-chain data shows.

Digital asset tracker Lookonchain notices a crypto whale spent 606,00 USDC to buy nearly 228,000 dogwifhat (WIF) memecoins.

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“A whale is buying WIF! The whale created a new wallet and withdrew 1.83 million USDC from Coinbase to buy WIF. So far, he has spent 606,000 USDC to buy 227,896 WIF at $2.66, with 1.22 million USDC left. The purchase is in progress [on May 20th].”

WIF is trading for $2.83 at time of writing, up 10.7% in the last 24 hours.

Next up, Lookonchain noticed another crypto whale made huge profits trading GME (GME), memecoin launched on Solana (SOL) in January and inspired by the GameStop (GME) short-squeeze frenzy of 2021.

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“Since the price of GME dropped, a trader spent 3,059 SOL ($526,000) to buy 78.57 million GME at $0.0067. This trader spent 1,409 SOL ($165,000) to buy 68 million GME at $0.0024 on February 15th and February 16th.

After holding it for three months, GME ushered in a rise. He sold 35 million GME for 3,447 SOL ($503,000) at $0.0144 on May 13th and May 14th. He currently holds 111.57 million GME ($781,000), with a total profit of ~$593,000.”