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

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.

Solana Whales Scoop Up Millions of Dollars Worth of Memecoins As Crypto Markets Dip: Lookonchain https://t.co/AGDMUn7E2I

— The Daily Hodl (@TheDailyHodl) April 15, 2024

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.