In a bold move during the recent cryptocurrency market correction, large holders on the Solana blockchain, known as whales, took the opportunity to raise a significant amount of memecoins. Blockchain tracker Lookonchain was instrumental in identifying these peculiar transactions involving cryptoassets with curious themes.
Two notable Solana whales decided to expand their portfolios by acquiring large amounts of Slerf, a memecoin inspired by sloths, Book of Meme, based on Pepe the Frog, and Jeo Boden, a memecoin inspired by President Joe Biden. These acquisitions were made through the Kucoin and Binance, indicating an aggressive buying strategy from these whales after the market decline.
One of these whales, identified by the code 4eocFb, withdrew 31.916 SOL (equivalent to US$4,56 million) from Kucoin, and used 2.055 SOL (US$294.000) to acquire 500.979 BODEN at a price of US$0,59 each. The second whale, under the pseudonym 9CjKf5, withdrew 15.751 SOL (approximately $2,25 million) from Binance, investing 7.812 SOL ($1,12 million) to purchase 4,86 million SLERF for $0,23 each and 4.623 SOL (US$661.000) in 67,53 million BOME for US$0,0098 each.
“What did whales buy on Solana after the market crashed? We noticed that whales bought SLERF, BOME and BODEN!” Lookonchain said.
What did whales buy on #fading after the market dropped?
We noticed whales bought $SLERF, $BOME and $boden!
4eocFb withdrew 31,916 $ SOL($4.56M) from #Kucoin and spent 2,055 $ SOL($294K) to buy 500,979 $boden at $0.59.https://t.co/VCPbMHhcHV
9CjKf5 withdrew 15,751 $ SOL($2.25M)… pic.twitter.com/xckZB44CWo
— Lookonchain (@lookonchain) April 14, 2024
Meanwhile, other investors did not show the same optimism. Lookonchain also noted that four whales panic-sold, unloading a total of $12,41 million worth of dogwifhat (WIF), the most popular memecoin on Solana. Among the desperate sales, one whale, identified as 9WHHoq, sold 3,12 million WIF for 7,34 million USDC at $2,35 each.
