The sharp declines in Bitcoin (BTC) and altcoins in the last 24 hours have caused many investors to turn to panic sales. However, some investors opened positions by viewing these declines as a buying opportunity. In the meantime, a remarkable development occurred: A large whale purchase was detected in Solana (SOL)-based memecoins.
Mystery Whale Invests Hefty In 4 Solana-Based Memecoins
Spot on Chain reported that a mysterious whale attracted attention today by purchasing a large amount of four memecoins traded on the Solana network. It is stated that the whale in question purchased a total of $18.57 million worth of memecoins through Binance and DEX platforms through his wallet address known as "DWhUa."
The coins the whale received include:
7,249 WIF (worth $13.3 million)
5.77 million POPCAT ($3.82 million value)
4.57 million FWOG (worth $980k)
3.9 million MICHI (worth $470k)
Memecoins Take a Hit in the Drop: Performance of WIF, POPCAT, FWOG, and MICHI
The recent general market decline has caused these memecoins to lose value. Looking at the price movements in the last 24 hours:
WIF: 10.6% drop
POPCAT: 16.4% drop
FWOG: 8.9% down
MICHI: down 7.7%
However, large whale purchases continue to increase interest in these coins despite market volatility, and this development has raised speculations about the future of memecoins, especially Solana-based ones.