In simpler terms, big-time investors on the Solana digital ledger, often referred to as “whales,” have been purchasing large amounts of memcoins during a recent crypto market slump causing significant price drops for these tokens.
Based on information from the on-chain analysis provider Lookonchain, it appears that two prominent Solana investors have been purchasing memcoins as their prices declined. Among the memcoins they have acquired are Slerf ($SLERF), a sloth-themed coin, and Book of Meme ($BOME), which has a Pepe theme. Additionally, they have bought Jeo Boden ($BODEN), a memcoin based on Joe Biden.
Whales acquired these tokens from well-known cryptocurrency platforms like KuCoin and Binance. For instance, one large investor transferred approximately 31,916 Solana coins valued at over 44.5 million units from KuCoin to buy nearly $300,000 worth of BODEN tokens.
A different whale transferred approximately $2.25 million from the top crypto exchange, and subsequently spent around $1.12 million on purchasing SLERF, while about $660,000 were used for buying BOME.
After the Solana market declined, it was observed that whales purchased significant amounts of $SLERF, $BOME, and $boden. Specifically, 4eocFb took out 31,916 SOL ($4.56M) from Kucoin and used 2,055 SOL ($294K) to acquire 500,979 $boden at a price of $0.59 per token. Similarly, 9CjKf5 transferred 15,751 SOL ($2.25M) from their holdings to purchase an impressive amount of the other mentioned tokens.— Lookonchain (@lookonchain) April 14, 2024
Additionally, according to Lookonchain’s findings, some caution is indicated among large investors in Dogwifhat (WIF) on the Solana blockchain. Specifically, four distinct whales sold off a total of $12.41 million worth of this memecoin during the market downturn.
Over the weekend, cryptocurrency prices began to adjust due to heightened tensions between Iran and Israel following Iran’s extensive use of drones and cruise missiles. As a result, concerned investors shifted their funds towards safer investments, causing fear of an escalating conflict.
Of late, Solana’s value has taken a hit, decreasing by approximately 27% within the past week and currently hovering around $130. The cause for this downturn appears to be network congestion resulting from an influx of memecoin traders and automated bots, which Solana is finding difficult to manage.
According to a report by CryptoGlobe, a well-respected cryptocurrency analyst who correctly called the market bottom for cryptocurrencies during the 2018 bear market has now expressed his belief that the price of Solana, a smart contract platform, will rise.
After the price of SOL fell to $160, a prediction was made; now, the cryptocurrency has further decreased in value and is currently priced at around $130.
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2024-04-17 01:45