A cryptocurrency trader who managed to make $6.9 million trading the Solana-based meme-inspired cryptocurrency $BONK, has recently spent an additional $40,000 worth of Solana’s native SOL token to reinvest into the meme-inspired token.
According to on-chain analysis service Lookonchain, the trader has bought an additional 3.29 billion BONK tokens earlier, bringing his nine-month accumulation of the cryptocurrency to 371.4 billion BONK. The tokens, according to the service, cost the trader 6,998 SOL worth around $276,000.
The trader has, according to blockchain data, sold half of their BONK token when the cryptocurrency’s price surged significantly, for 50,139 SOL tokens worth over $5.2 million. BONK is at the time of writing trading at $0.000017 after moving up more than 44% over the past week.
The cryptocurrency has notably surged more than 4,200% with part of its success being attributed to it being based on Solana, a layer-2 cryptocurrency that has surged significantly last year as institutional investors bet on it and as it recovers from the collapse of FTX, which had heavily supported its ecosystem.
The cryptocurrency helped Solana’s Saga phone sell out late last year, over a lucrative airdrop of 30 million BONK tokens available to each new owner of the phone, presenting an enticing arbitrage opportunity.
The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.”
Featured image via Unsplash.
