Anonymous Millionaire Goes on a $5 Million Memecoin Buying Spree
24.10.2024 10:00 1 min. read Alexander Stefanov
An anonymous millionaire has been on a shopping spree for Solana-based memecoins, investing over $5 million since October 21.
The whale address received 32,695 SOL from Binance and has made multiple purchases across various tokens, showing a mix of gains and losses.
The largest chunk of the investment went to the GOAT token, allegedly generated by AI, with an allocation of $3.39 million—18,000 SOL bought 6.95 million GOAT at $0.43 each. Other acquisitions included GIGA, FWOG, HAMMY, WIT, JACK, and WTRIX, although these received smaller investments.
By the time of the report, the wallet had amassed 31.71 million GIGA, worth $2 million, bought at $0.062. Additionally, 2,900 SOL was spent on 1.98 million FWOG, totaling $484,000.
Commentators were skeptical about the investment strategy, with some criticizing the decisions as poor and predicting losses in the near future. The renewed interest in memecoins highlights the speculative nature of this market, where traders often act out of FOMO.
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