CandleFocus A Whale Withdrew 32,695 Solana to Buy These Three Memecoins
2024-10-23
Author: Content Editor
Whales are causing significant pressure on Solana (SOL) as they sell off their positions and move funds into memecoins. One major whale recently withdrew 32,695 SOL ($5.46 million) from Binance and used most of the funds to buy memecoins. They purchased 6.95 million GOAT tokens, 31.71 million GIGA tokens, and 1.98 million FWOG tokens. This trend of selling Solana is not isolated, as Pump.fun, a platform for memecoin launches on Solana, recently sold 40,000 SOL. They have accumulated a total of 969,945 SOL in fees, estimated at around $162 million, and have been periodically converting their holdings to profits. Another whale sold 22,726 SOL ($3.86 million) and has a trading history of buying during low-price periods and selling at peaks. The concern is that these selloffs will increase the supply of Solana tokens.
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