Solana Whales Dive Into Memecoin Frenzy 😱

Solana Whales Dive Into Memecoin Frenzy 😱

Whales on Solana Blockchain Snapping Up Memecoins Amid Market Downturn🐋

Large investors on the Solana blockchain, colloquially known as whales, have been purchasing memecoins amidst a recent cryptocurrency market downturn that has caused the prices of these assets to plummet.

Whales Active in Accumulating Memecoins🐋

Here are some key points about the recent activities of whales on the Solana blockchain:

  • Whales began accumulating memecoins as prices started dropping
    • Two major whales focused on memecoins like Slerf, BOME, and Boden
    • Tokens purchased from exchanges like KuCoin and Binance
  • Significant transactions made by whales for memecoins
    • One whale transferred 31,916 SOL worth over 44.5 million from KuCoin for nearly $300,000 on Boden
    • Another whale spent $2.25 million off of Biden’s exchange on SLERF and BOME
  • Caution observed among other whales
    • Four whales engaged in “panic selling” during the market correction, selling a combined total of $12.41 million worth of Dogwifhat (WIF)

    Market Correction Amid Geopolitical Tensions📉

    During the recent cryptocurrency market correction, attributing factors include:

    • Iran’s large-scale attack on Israel with drones and cruise missiles
    • Investors moving to safe-haven assets due to fears of a broader conflict

    Solana Facing Price Plunge and Network Congestion💰

    Recent updates on Solana’s situation include:

    • Solana’s price dropping by over 27% in a week, trading around $130
    • Network congestion due to a surge in memecoin traders and bots affecting the network
    • A cryptocurrency analyst predicting a price increase for Solana despite the recent price drop

    Hot Take: Readjusting Strategies in the Crypto Market🔥

    As a crypto reader, it is essential to adapt to current market trends and fluctuations. Observing whale activities, market corrections, and network issues can provide insights into making informed decisions.

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Solana Whales Dive Into Memecoin Frenzy 😱