On January 21, 2025, a whale spent 7,000 SOL, equivalent to $1.65 million, to acquire 4.1% of the total supply of ZACHXBT, a meme token launched on the Solana blockchain.

The whale’s average purchase price was $0.04043, and the transaction caused a 35% surge in the token’s price.

The ZACHXBT token is a memecoin named after the on-chain detective ZachXBT, who gained recognition for his efforts in recovering approximately $20 million stolen from U.S. government wallet addresses in October 2024.

Despite his contributions, ZachXBT publicly stated that he did not receive any rewards from the government. In tribute, a community member issued this token and transferred 50% of the supply to ZachXBT’s public wallet address.

Market Capitalization Reaches $90 Million Shortly After Launch

Within 2 hours of its launch, the ZACHXBT token achieved a market capitalization of $90 million.

Later that day, another whale, identified as “J9Hqx…XrQeB,” invested $1.088 million to accumulate nearly 10.18 million ZACHXBT tokens. This purchase positioned the whale as the second-largest holder of the token. The whale’s average purchase price was $0.05296, resulting in unrealized gains of $508,900 at the time of reporting.

At 9:40 AM UTC, the largest holder of ZACHXBT tokens liquidated their position, selling 41 million tokens at an average price of $0.06943. This sale resulted in a profit of approximately $1.18 million, converted into 4,886.88 SOL.

Shortly thereafter, ZachXBT himself removed liquidity from the token’s liquidity pool, obtaining 15,000 SOL and nearly 90 million ZACHXBT tokens. Following these transactions, the token’s price fell sharply to $0.02134 before partially recovering to trade at $0.044.

The ZACHXBT token reached a market cap of $80 million in under nine hours post-launch. As of now, it is trading with a reduced valuation of approximately $30 million