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Whale Invests $8.65 Million in Solana’s Meme Coin WIF, Sparks Binance Listing Speculation

1 min
Updated by Ryan Boltman
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In Brief

  • A whale, claiming to be a "Binance insider," has been heavily accumulating Solana meme coin Dogwifhat (WIF), sparking rumors of a Binance listing.
  • The whale reportedly spent $8.65 million to purchase 17.22 million WIF tokens, but lost $7.7 million due to slippage due to the coin's low liquidity.
  • The incident highlights the extreme volatility and liquidity issues of low market capitalization meme coins, and the risks of trading them.
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On-chain analysts have discovered that a whale who calls themselves a “Binance insider” is heavily accumulating a Solana (SOL) meme coin – Dogwifhat (WIF). Will Binance list WIF?

Since late 2023, the Solana meme coins such as BONK and Dogwifhat gained the spotlight. Moreover, BONK was even responsible for skyrocketing the sales of the Solana Saga smartphone.

Whale Spends $8.65 Million to Purchase WIF

Lookonchain says a whale wallet spent 86,738.1 SOL, worth $8.65 million, to buy 17.22 million WIF tokens. 

“The whale calls himself a “binance insider” and seems to want to tell everyone that $WIF will be listed on #Binance,” said Lookonchain.”

Notably, when BONK was listed on Binance, its price surged by over 134% in 24 hours. The price surge added $1 billion to its market capitalization.

Read more: How to Buy Solana (SOL) and Everything You Need To Know

However, another on-chain analytical platform – Scopescan, further elaborated that the same whale lost $7.7 million due to slippage. The whale tried to buy WIF worth $8.65 million in one transaction, whereas the liquidity of WIF was approximately only around $2.7 million.

Whale's Transaction to Purchase Solana Meme Coin WIF.
Whale’s Transaction to Purchase Solana Meme Coin WIF. Source: Solscan

There have been various stories on how whales made a fortune trading meme coins. For instance, on December 18, BeInCrypto reported that a trader made $1.47 million in five days trading WIF.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

But today’s story is a perfect example of the risk of trading meme coins. The low market capitalization meme coins are subject to extreme volatility and liquidity issues. Some meme coins also possess the chance of developers conducting an exit scam.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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