Recently, a whale has bought a significant amount of $WIF tokens to increase its price. As per Lookonchain, a famous on-chain analytics platform, the whale utilizes $SOL tokens to purchase the $WIF tokens while aiming at raising the price. The analytics company disclosed this event on its X account.
A whale spent 17,966 $SOL($2.98M) to buy 953,177 $WIF at $3.13 in the past 5 hours, causing the price of $WIF to increase by ~7%.
This whale previously spent 1M $USDC to buy 355,417 $WIF at $2.81 on May 21 and then sold it at $3.07 for 1.09M $USDC on May 22, making $90K.… pic.twitter.com/4xnoKerJ0X
— Lookonchain (@lookonchain) May 26, 2024
AWhale Raises $WIF Token’s Price by Using $SOL to Purchase It
According to Lookonchain, the whale sharply made this move to elevate the value of the respective token. The analytics platform mentioned that the whale used up to 17,699 $SOL tokens for this purpose. As a result of spending these tokens, the whale effectively purchased nearly 953,177 $WIF coins. Lookonchain added that the $WIF token was standing at the price of up to $3.13 when the whale bought it.
The analytics firm pointed out that the respective development took place within the past five hours. Subsequently, the $WIF token’s price went through a sheer surge. In this respect, Lookonchain asserted that the coin jumped by approximately seven percent in terms of value following the purchase by the whale.
A Former $WIF Buyout by the Whale Generates a $90K Profit
This is not the first time that the above-mentioned whale has bought the $WIF tokens. In line with the data that Lookonchain has provided, the whale had previously spent $USDC to do so. The analytics provider claimed that the whale purchased 355,417 $WIF tokens at an average rate of $2.81 per coin. It utilized up to 1 million $USDC to buy these tokens on the 21st of May, generating $90K profit by selling them at $3.07 on the next day.