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Home»TRADING NEWS»Why are whales hoarding these Solana meme coins?
TRADING NEWS

Why are whales hoarding these Solana meme coins?

By Crypto FlexsJanuary 11, 20242 Mins Read
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Why are whales hoarding these Solana meme coins?
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On-chain analysts have discovered that whales calling themselves “Binance insiders” have been accumulating large amounts of Dogwifhat (WIF), the Solana (SOL) meme coin. Is Binance planning to list WIF?

Since the end of 2023, Solana meme coins such as BONK and Dogwifhat have attracted attention. Moreover, BONK was also responsible for the surge in sales of the Solana Saga smartphone.

Whale spends $8.65 million to purchase WIF

Lookonchain revealed that the whale wallet spent 86,738.1 SOL, worth $8.65 million, to purchase 17.22 million WIF tokens.

“The whale calls himself a “Binance insider” and seems to want to tell everyone that $WIF will be listed on #Binance.” said Look on chain.”

In particular, when BONK was listed on Binance, its price soared by more than 134% in 24 hours. The price surge increased its market capitalization by $1 billion.

However, another on-chain analytics platform – scope scan, which further detailed that the same whale suffered $7.7 million in losses due to the slip. The whale attempted to purchase $8.65 million worth of WIF in one transaction, but WIF’s liquidity was only about $2.7 million.

Read more: How to Buy Solana (SOL) and Everything You Need to Know

This is Whale’s Solana Meme Coin WIF purchase transaction. Source: SolScan

There are various stories about how whales made a fortune trading meme coins. For example, on December 18, BeInCrypto reported that one trader made $1.47 million in 5 days through WIF trading.

But today’s story is a perfect example of the dangers of meme coin trading. Meme coins with low market capitalizations suffer from extreme volatility and liquidity issues. Some meme coins also have the potential for developers to commit exit fraud.

Read more: What is Rug Pull? Guide to Web3 Scams

Do you have anything to say about the Solana meme coin whale or anything else? Write to us or join the discussion in our Telegram channel. TikTok, Facebook or X (Twitter).

Latest information from BeInCrypto Bitcoin (BTC) analysis, Click here.

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