A trader transforms $2,275 into $2.26 million using this currency, but...

Meme coins have become the risky side of the crypto world, offering high rewards and high risks. Over the weekend, on-chain tracking platform Lookonchain noticed that some crypto whales had participated in large meme trades. Some recorded gains while others recorded losses.

This activity highlights the appeal and volatility of meme coins. Where fortunes can be made overnight.

Wild weekend for meme coins

According to Lookonchain, the address sundayfunday.sol transformed 13 Solana (SOL), worth approximately $2,275, into $2.26 million in just 8 hours by purchasing the 1DOL meme coin. Through this deal, they received a staggering 993x return.

As she indicated Lookonchain reports that sundayfunday.sol is the largest participant in the Book of Mimi (BOME) pre-offer. They spent 421 SOL (approximately $72,000) to purchase BOME.

Sundayfunday.sol received 1.43 billion BOME, worth $40 million during the asset's peak price. They then sold 530 billion BOME for 38,305 SOL, approximately $7.66 million, and currently own 894 billion BOME, worth $10.5 million.

Read more: BOOK OF MEME (BOME) Price Forecast for 2024, 2025, 2026, 2027

Furthermore, I noticed Lookonchain that the address “4pV17t9g4qdH3HWZzq6dZ62785pDYhkKUSPai8FHvQTH”, suspected to be crypto market maker Wintermute, spent 2,000 SOL ($337,000) to buy MANEKI at $0.0098 on May 18. The same address had already spent 1,300 SOL ($201,000) to purchase MICHI nine days ago. Following the transaction, MICHI has become a popular coin over the past week.

In return, I was informed Lookonchain These are also big losses among other crypto whales. On May 18, a crypto whale sold 732,481 dogwifhats (WIF), worth $1.85 million, at a loss. This whale initially purchased 732,481 WIF for $2.18 million, at $2.98 per coin, just three days ago. Selling at around $2.52 per coin resulted in a loss of $330,000.

Other meme coins such as PONKE and 1CAT have also seen significant gains over the past 24 hours. Appear DEX Screener data shows that 1CAT is up 1,320% and is now trading at $0.001017. PONKE is up about 54% since May 18 and is currently trading at $0.3458.

The case of meme whales illustrates both the exciting and risky aspects of the meme business. Ken Timsett, Managing Director of Cronos, Layer 1 Blockchain, highlighted the challenges of trading meme coins. He pointed out that there is no foolproof formula for how a regular person can exchange memes.

“Meme investors are spending a lot of time on It is important that users and developers continue to be interested in other blockchain use cases such as DeFi, Web3 gaming, decentralized social platforms and decentralized infrastructure ."

Read more: What are meme coins?

Indeed, this weekend's events and Timsit's information highlight the need for coin traders and investors to approach these assets with caution and strategic vision.