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.

“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), a memecoin launched on Solana (SOL) in January and inspired by the GameStop (GME) short-squeeze frenzy of 2021.

“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.”