crypto for all

Crypto: Solana whales thrive in the chaos of memecoins - millions $ accumulated

Tue 16 Apr 2024 ▪ 3 min of reading ▪ by Ariela R.
Getting informed Altcoins

Amid the recent volatility of cryptocurrency markets, some savvy players in Solana have managed to take advantage of the situation. According to data revealed by Lookonchain, two Solana crypto whales have swallowed up millions of dollars in largely unknown memecoins.

Actu crypto Solana
Solana whales capitalize on the crypto market downturn to scoop up memecoins

Data reveals an aggressive buying strategy among Solana whales

Identified by the wallet 4eocFb, the first crypto whale has transferred 31,916 SOL (equivalent to $4.56 million) from KuCoin. It acquired 500,979 BODEN for $294,000.

The second operation was conducted via the wallet 9CjKf5. The crypto whale withdrew 15,751 SOL (amounting to $2.25 million) from Binance, then invested:

  • $1.12 million in 4.86 million SLERF;
  • $661,000 in 67.53 million BOME.

These impressive figures attest to their confidence in the potential of these memecoins, even during volatile periods in the crypto industry.

Not all crypto investors have adopted the same approach

Four distinct Solana whales succumbed to panic. They liquidated 5.68 million WIF, worth $12.41 million. These rushed sales were made at prices ranging from $1.9 to $2.35 per WIF. This reflects the palpable nervousness among some high-level cryptocurrency investors.

The analysis of crypto transactions reveals another interesting trend: Solana whales seem to favor memecoins despite their volatile and speculative nature. This preference could be explained by:

  • the search for quick gains,
  • a belief in the long-term value of these digital assets.

Indeed, memecoins can experience sudden price surges. Attractive enough to lure crypto investors seeking high returns.

In any case, the movements of these Solana whales offer a fascinating glimpse into the dynamics of the crypto market during a correction period.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.