Solana Whales Scoop Up Millions of Dollars Worth of Memecoins As Crypto Markets Dip: Lookonchain

Whales on the Solana (SOL) blockchain are gobbling up memecoin discounts following a marketwide correction over the weekend, according to on-chain data.

Blockchain tracking firm Lookonchain spotted two Solana whales that went in to accumulate sloth-themed Slerf (SLERF), Pepe the Frog-themed Book of Meme (BOME) and President Joe Biden-inspired Jeo Boden (BODEN) from crypto exchanges Kucoin and Binance.

“What did whales buy on Solana after the market dropped?

We noticed whales bought SLERF, BOME and BODEN!

4eocFb withdrew 31,916 SOL ($4.56 million) from Kucoin and spent 2,055 SOL ($294,000) to buy 500,979 BODEN at $0.59.

9CjKf5 withdrew 15,751 SOL ($2.25 million) from Binance, then spent 7,812 SOL ($1.12 million) to buy 4.86 million SLERF at $0.23 and spent 4,623 SOL( $661,000) to buy 67.53 million BOME at $0.0098.”

While the two whales aggressively accumulated during a correction, Lookonchain says some other whales weren’t as eager.

According to the firm, four different whales panic-sold the bottom or close to the bottom of the correction, unloading a total of $12.41 million worth of dogwifhat (WIF), the biggest memecoin on Solana.

“After the market dropped, four whales sold 5.68 million WIF ($12.41 million) in panic!

9WHHoq sold 3.12 million WIF for 7.34 million USDC at $2.35.
BdvbXr sold 1.016 million WIF for 1.93 million USDC at $1.9.
85Abtu sold 905,074 WIF for 1.88 million USDC at $2.08.
DpJGh2 sold 641,598 WIF for 1.26 million USDC at $1.97.

Address:
9WHHoqrLnhCNbXJewPkS7Wmh5cWEgDh4twSoKCwYHTuH
DpJGh2QcKMXFo3PPFBykYYLdR6XRjh6PvxiwgLZXxtbR
BdvbXrcitJaVL9XwBDezHVZCCsF56ysF8qBpfN54cB7f
85AbtuJxDmwgNxEB3baQ9Lf58nutZwfzNpXor76dDpT7″

Generated Image: Midjourney