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)
- 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’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
Market Correction Amid Geopolitical Tensions📉
During the recent cryptocurrency market correction, attributing factors include:
Solana Facing Price Plunge and Network Congestion💰
Recent updates on Solana’s situation include:
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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