A Massive Whale Withdrew 32,695 Solana Funds to Invest in Three Memecoins
A gigantic whale in the cryptocurrency market has initiated a massive selloff of Solana (SOL) and shifted their focus to memecoins.
The price of Solana has been under significant pressure in the past 24 hours, largely due to the selloffs by this whale. Interestingly, this decline coincided with a substantial flow of funds into meme-based tokens. Market data suggests that the whale has been actively liquidating their SOL positions and diverting their investments into new memecoins.
A Whale’s Enormous Liquidation
One notable transaction by this whale involved creating a new wallet and withdrawing a staggering amount of 32,695 SOL from Binance. Instead of holding onto SOL, this whale chose to invest most of those funds in memecoins.
Unbelievable buying spree!
A mysterious whale recently created a new wallet and withdrew an impressive amount of 32,695 $SOL ($5.46 million) from #Binance to purchase #MEMEcoins!
They spent 18,000 $SOL ($3 million) to buy 6.95 million $GOAT ($3.39 million) at $0.43 per token.
Another 11,750 $SOL ($1.96 million) was used to acquire 31.71 million $GIGA ($2.08 million) priced at $0.062 per token.
Furthermore, they spent 2,900 $SOL ($484K) to purchase 1.98 million… pic.twitter.com/acI8HX0SuR
— Lookonchain (@lookonchain) October 23, 2024
In particular, the whale invested a significant amount of 18,000 SOL (equivalent to $3 million) to purchase 6.95 million GOAT tokens at a price of $0.43 per token. Additionally, they converted 11,750 SOL (approximately $1.96 million) into 31.71 million GIGA tokens, with each token valued at $0.062.
Moreover, the whale used 2,900 SOL, approximately worth $484,000, to acquire 1.98 million FWOG tokens at a price of $0.24 per token.
The whale’s current holdings include 44.93 SOL, valued at around $7,418.06, along with 11 tokens of significantly higher total worth, estimated to be around $6,367,080.
Rising Liquidations of Solana
This selling trend of Solana is not an isolated incident, especially in recent weeks. In a separate report, Pump.fun, a platform that facilitates the launch of memecoins on Solana, capitalized on the current market conditions by selling 40,000 SOL.
Pump.fun has collected a total of 969,945 SOL in fees, amounting to approximately $162 million. Notably, the platform has liquidated about 56% of its earnings, adopting a strategy to periodically convert holdings into profits.
It is worth mentioning that Pump.fun conducted the latest sale at an average price of $156.40 per SOL, making it one of the most profitable transactions of this nature on Kraken. The consistent profit realization raises concerns about an increase in supply.
From Accumulation to Opportune Exits
Furthermore, data from October 21 revealed another significant whale activity, involving the sale of 22,726 SOL worth $3.86 million. This particular whale’s trading pattern has typically involved buying SOL during periods of low prices and selling at peaks.
At the time of the report, the whale held 20,000 SOL, valued at $3.33 million, and had already made cumulative profits exceeding $2.5 million from previous trades. The trading history includes early accumulations during an uptrend between November and March, with initial purchases of 6,187 SOL, followed by smaller acquisitions of 3,399 and 259 SOL.
The volatility experienced in the middle of the year triggered additional purchases of 2,300 SOL at lower prices, followed by gradual selloffs as prices rebounded.