Whales are accumulating Solana (SOL) and Pepe (PEPE), what may be the reason?
On-chain data shows whales are buying up Solana (SOL), an asset with multiple potential use cases. As the altcoin season intensifies, SOL may become key to additional growth.
On-chain data shows whales are back to accumulating Solana (SOL) in self-custodial wallets. SOL has stabilized around $236.39, with no signs of immediately chasing a new all-time high.
Demand for SOL is coming from the decentralized ecosystem, liquid staking projects, and from the potential to adopt SOL after Grayscale filed to transform its Solana investment product into an ETF.
SOL remains one of the key blue chip tokens, a potential entry into multiple trades. Meme tokens are still going strong on Solana, with both Pump.fun activity and secondary trading still attracting liquidity.
Solana ecosystem activity has also achieved more reliable transactions, with up to 63% of all transfers passing, and a failure rate of only 36%.
Failed transactions have reached close to 70% in the past, limiting the potential for DeFi usage.
The Solana ecosystem gained attention once again after the listing of Moodeng (MOODENG), the first Pump.fun token to enter Coinbase. Solana’s activity may extend the meme token market.
SOL is yet undecided on its narrative, whether it would perform along with the meme space, or follow the lead of ‘dinosaur altcoins’ recently breaking to new record prices.
Four whales withdrew SOL from Binance
A total of four whale transactions were noticed in the past 24 hours, withdrawing 185,510 SOL from Binance. The funds, valued at $42.46M, were sent to four large-scale whale wallets.
Some of the whale activity on Solana is considered a sign of smart money moving in, buying the dip and riding the recent trends.
Two of the addresses were simple holders of SOL.
The first wallet was a frequent trader, moving coins to the centralized exchange in the past for realizing profits.
