Bonk comes up with drone show over Las Vegas while whale cashes billions

First an all-time high, then an impressive drone show during Formula 1: euphoria among Bonk fans seems to know no bounds. Yet one whale has decided to cash out his entire investment.

During the conclusion of the Formula One Grand Prix in Las Vegas last weekend, a spectacular drone show caused wonderment, including among crypto fans. In partnership with the Wynn Hotel in Las Vegas, the dog memecoin logo BONK appeared brightly in the night sky, as seen in several videos on X. This impressive show dovetailed perfectly with the memecoin's recent achievements.

A few days earlier, BONK reached a new all-time high, reaching a market cap of $4.1 billion. Since then, the price of the popular Solana token has corrected by about 19 percent. This is fueling speculation that memecoin has reached a preliminary high.

According to data from Arkham Intel, a BONK whale has sent all of his 303 billion tokens to the crypto exchange Coinbase. It is likely that the investor plans to sell his tokens, worth more than $14 million, in the coming days.

The data show that the whale accumulated his BONK holdings between December 2023 and April 2024. Now that the recent memecoin hype - symbolized by the light show over Las Vegas - seems to be at its peak, he probably saw the perfect opportunity to cash in on his profitable investment.