A cryptocurrency whale has made more than $2.9 million worth of profit by betting on the meme-inspired cryptocurrency $BONK at the right time, as the Solana-based token recently surged more than 50% in a day.

According to on-chain analysis service Lookonchain, a cryptocurrency whale accumulated 98 billion BONK tokens worth over $1.5 million from leading cryptocurrency exchange Binance just before the cryptocurrency’s price moved.

The whale has a total of 319.44 BONK tokens worth over $7 million, and is already sitting on around $2.9 million worth of unrealized gains.

Part of its success is attributed to it being based on Solana, a layer-1 cryptocurrency that has surged so far this year as institutional investors bet on it and as it recovers from the collapse of FTX, which had heavily supported its ecosystem.

As CryptoGlobe reported, other cryptocurrency whales have managed to make significant gains on BONK. Earlier this year, a cryptocurrency trader who managed to make $6.9 million trading the Solana-based meme-inspired cryptocurrency $BONK, spent an additional $40,000 worth of Solana’s native SOL token to reinvest into the meme-inspired token.

BONK 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 Pixabay.