Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback
- 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).
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
