This Wallet Spent $2M On 'Crazy Buy' Of 135M GME Meme Coins

Lookonchain data highlighted a new wallet trading the GameStop GME/USD meme coin, instantly making it one of the largest holders.

What Happened: On Tuesday, Lookonchain tweeted about a wallet spending 12,110 Solana SOL/USD, equivalent to $2 million, to acquire 135 million GME tokens at $0.0148 each in a single transaction.

The tweet noted that this purchase made the wallet the fourth-largest holder of GME shares. The wallet was funded from Coinbase and associated with two domains: mubeen.sol and twitterdotcomslashspyflips.sol.

Someone created a new wallet and spent 12,110 $SOL($2M) to buy 135M $GME at $0.0148 in one trade, becoming the 4th holder of $GME.

What a crazy buy!

This wallet was funded by #Coinbase, with 2 domains mubeen.sol and twitterdotcomslashspyflips.sol.https://t.co/yR0ZV0Vfhv pic.twitter.com/Y956HuOl0u

— Lookonchain (@lookonchain) June 4, 2024

Lookonchain described the transaction as a "crazy buy," highlighting the significant investment in the GME meme coin.

Price Action: In the past 24 hours, GME is trading 32.4% higher at $0.01289, up 158.3% on the week.

Also Read: Regulators Turn Up The Heat On ‘Roaring Kitty’ Over Recent GameStop Trading Activity: What You Need To Know

Why It Matters: This large-scale purchase of GME is noteworthy due to the ongoing interest and volatility surrounding GameStop.

Crypto and stock news provider Unusual Whales noted in a post that the SEC will be looking at potential manipulation around GME options activity after Roaring Kitty disclosed his option trades.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Roaring Kitty’s GameStop Options Could Be Worth $54M, But Cashing Out Might Be Tricky: ‘Everybody’s Hyper Aware Of This Now’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.