According to the on-chain data analysis by Lookonchain, whale investors have been actively accumulating certain Solana-based tokens following a recent market downturn. The data revealed that whales made significant purchases of Book of Memes (BOME), SLERF, and boden tokens, capitalizing on the dip in prices.
Whale Transactions: Lookonchain’s Twitter update shared details about two specific whale transactions on the Solana network. The first transaction involved an entity with the address 4eocFb, which withdrew 31,916 SOL (approximately $4.56 million) from the Kucoin exchange. This whale then proceeded to spend 2,055 SOL (around $294,000) to acquire 500,979 boden tokens at an average price of $0.59 per token.
The second transaction highlighted by Lookonchain involved an entity with the address 9CjKf5. This whale withdrew 15,751 SOL (approximately $2.25 million) from the Binance exchange. Subsequently, they spent 7,812 SOL (around $1.12 million) to purchase 4.86 million SLERF tokens at an average price of $0.23 per token. Additionally, the same whale spent 4,623 SOL (approximately $661,000) to acquire 67.53 million BOME tokens at an average price of $0.0098 per token.
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Show more +Token Explanations:
- Book of Memes (BOME): BOME is a Solana-based token associated with the Book of Memes project, which aims to create a decentralized meme ecosystem. It allows users to mint, buy, sell, and share memes on the blockchain.
- SLERF: SLERF is a Solana-based token used within the SLERF ecosystem, which focuses on creating a decentralized finance (DeFi) platform for lending, borrowing, and earning yield on digital assets.
- boden: boden is a Solana-based token that powers the Boden Protocol, a decentralized platform for creating and trading synthetic assets. It allows users to gain exposure to various assets without directly holding them.
Market Dip: The accumulation of these tokens by whales occurred in the aftermath of a market downturn, suggesting that they viewed the price dips as an opportunity to acquire these assets at discounted prices. Whales, or large investors with substantial capital, often capitalize on such market conditions to increase their holdings strategically.
The actions of these whales highlight their confidence in the potential of the Solana ecosystem and the specific projects associated with BOME, SLERF, and boden tokens. Their substantial investments could potentially influence the market sentiment and price dynamics of these tokens in the near future.
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