- A whale sold over $4 million in WIF, realizing a loss, to buy other Solana meme coins.
- Large wallet investor buys TREMP and BONK, rotating capital from other Solana based meme coins.
- BONK and TREMP have rallied 13.9% and 20.6% in the past 24 hours respectively.
Crypto intelligence tracker Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat (WIF) to Doland Tremp (TREMP) and Bonk (BONK). The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko.
Solana meme coins make a comeback
While most Solana based meme coins are currently hit by a correction, as seen on CoinGecko, TREMP and BONK have posted double-digit gains in the past 24 hours. TREMP has rallied nearly 14% and BONK is up 20.6%.
Lookonchain noted activity of a large wallet investor who sold 1.7 million WIF worth $4.4 million, while realizing a loss, to buy TREMP and BONK, after a decline in WIF price. The whale’s actions were followed by a spike in the two token’s prices.
The whale spent 25,682 SOL and bought 1.7 million WIF in March. Following a decline in WIF price, the whale started buying TREMP and BONK, shedding WIF holdings at a loss. The entity has exchange $3.3 million in WIF for 127.16 billion BONK and 966,000 TREMP tokens.
A whale is selling 1.7M $WIF($4.4M) at a loss to buy $tremp and $BONK after the $WIF price dropped.
— Lookonchain (@lookonchain) May 19, 2024
Which caused the price of $tremp and $BONK to increase.
The whale spent 25,682 $SOL($5M) to buy 1.7M $WIF at $2.94 on Mar 17.
After the $WIF price dropped, he started selling… pic.twitter.com/Ad8mdvLc50
Two other Solana based meme coins that rallied in the same timeframe are Pajamas Cat (PAJAMAS) and Peng (PENG).
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