Amid Market Turbulence, Solana Whales Accumulate Memecoin Holdings: Lookonchain Analysis
During the recent market correction, whales within the Solana (SOL) blockchain swiftly seized discounted memecoins, as revealed by on-chain data from Lookonchain.
Notably, two prominent whales strategically acquired sloth-themed Slerf (SLERF), Pepe the Frog-themed Book of Meme (BOME), and President Joe Biden-inspired Jeo Boden (BODEN) from exchanges Kucoin and Binance. One whale, identified as 4eocFb, withdrew 31,916 SOL ($4.56 million) from Kucoin to purchase 500,979 BODEN at $0.59, while another whale, 9CjKf5, withdrew 15,751 SOL ($2.25 million) from Binance and invested in 4.86 million SLERF at $0.23 and 67.53 million BOME at $0.0098.
However, Lookonchain also observed that four other whales opted for panic-selling, unloading a total of $12.41 million worth of dogwifhat (WIF), the largest memecoin on Solana, near the market bottom.
Clever Robot News Desk 17th April 2024
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