A whale spends $5.86M on these Solana memecoins — now up $658K in profit

A crypto whale placed a $5.86 million bet on five memecoins, walking away with more than $658,000 in unrealized profits. The blockchain analytics platform Lookonchain flagged the wallet activity on-chain. 

According to Lookonchain’s Monday X post, the whale accumulated five Solana-based meme tokens: Dogwifhat (WIF), Fartcoin (FARTCOIN), Popcat (POPCAT), Bonk (BONK), and Cat in a Dog’s World (MEW). 

A whale spent $5.86M to bet on Solana #memecoins—and is now up $658K.

He spent:
$1.49M to buy 1.48M $WIF($1.4M);
$1.47M to buy 1.14M $Fartcoin($1.37M);
$1.05M to buy 2.92M $POPCAT($1.26M);
$946K to buy 381M $MEW($1.21M);
$898K to buy 67.44B $BONK($1.28M).… pic.twitter.com/UQq4XVJkqw

— Lookonchain (@lookonchain) May 19, 2025

Their investment in WIF was around $1.49 million, which yielded 1.48 million tokens with a current worth of about $1.42 million. A total of 1.14 million Fartcoin tokens, with a value of about $1.39 million, were moved for $1.47 million.

For POPCAT, the trader spent $1.05 million to acquire 2.92 million tokens, which have since appreciated to nearly $1.28 million. $946,000 was invested in MEW, amounting to 381 million tokens now worth approximately $1.21 million. 

Lastly, the crypto whale used $898,000 to buy 67.44 billion BONK, with the current value of that holding estimated at $1.29 million.

Memecoin whale makes $600k in profits

Collectively, the whale’s portfolio of memecoins has appreciated by over $658,000, an impressive 11% gain in just a short period. Blockchain records on Solscan reveal that these transactions took place within the past seven hours and involved the use of Jupiter Aggregator, a decentralized exchange routing protocol on Solana.

Jupiter Aggregator Authority 7 sent over 1.4 million MEW tokens—worth $1.42 million—to the whale’s wallet as part of one of the transactions. Another step saw the receipt of 154.9 million BONK tokens, which had a value of more than $3,000 at the time.

The trader also received 8,712 FARTCOIN tokens valued at $11,311, paired with an outgoing USDC payment of roughly $11,357.

At the time of publishing, the wallet holds a total of 26 different tokens, with the top five meme coins accounting for the majority of the portfolio’s $6.62 million valuation. WIF currently trades at $0.94, Fartcoin at $1.19, POPCAT at $0.43, MEW at $0.0031, and BONK around $0.000018.

The Solana-based memecoins posted strong gains over the last two weeks, according to CoinGecko data. Dogwifhat posted a 74.9% uptick within the period, while Popcat, Fartcoin and Bonk gained 17%, 10.7% and 14%, respectively.

Still, all the tokens have shed over 5% of their values intraday.

Solana memecoins pump on-chain trading volumes

Solana recorded over $1.2 billion in application revenue in Q1 2025, its strongest quarter in more than a year, according to data from Messari.

The surge was led by Pump.fun, a memecoin launch platform that generated $257 million in revenue, more than any other Solana-based application. The launchpad peaked Phantom, the most used Solana wallet, which brought in $164 million during the same period.

The blockchain accounted for over 50% of total decentralized application (dApp) revenue in 2024, outpacing Ethereum, whose share has dropped to 12.84%, according to DefiLlama data. Over the past 12 months, Solana-based dApps generated $2.9 billion in revenue, more than the combined $1.8 billion earned by applications on all other blockchains.

This is BRUTAL

Solana went from nothing to EVERYTHING

From 0.3% to 50% of all App Revenue.

For every $100 app revenue in crypto, $50 is captured by Solana Apps.

That’s a 166x growth. pic.twitter.com/R0cnb4l20e

— gum (@gumsays) May 14, 2025

On Ethereum, leading revenue-generating protocols remain traditional DeFi platforms. MakerDAO’s Sky, Lido, and Aave earned between $88 million and $180 million each over the past year.

Hyperliquid, a perpetual DEX and layer 1 blockchain, was the exception, generating $212 million in revenue during the same period. 20% of Hyperliquid’s revenue was recorded in the last 30 days.