Whale purchases $18.57M worth of 4 memecoins via Binance and DEX – Why are whales buying?

A whale with the wallet ‘DWhUa’ accumulated four memecoins worth a combined total of $18.75M in fiat and USDC. All the meme coins purchased via Binance and DEX have since been deposited into a wallet ‘D2Noa’.

Spot On Chain data showed that the whale used a wallet ‘DWhUa’ to withdraw 7.23M WIF worth over $13M from Binance at $1.838 and 1.867M POPCAT worth ~$1.3M from ByBit. The whale accumulated 5.77M POPCAT at $0.59 and spent 2.15M USDC to buy 3.894M POPCAT from DEX.

The large-scale investor then swapped 979.82K USDC for 4.57M FWOG at $0.2144 and 469.89K USDC for 3.9M MICHI at $0.12. All transactions took place within the last 16 hours and the meme coins were all transferred to a wallet ‘D2Noa’. 

Spot On Chain flags big memecoin accumulation on Solana

Big #memecoins accumulation on #Solana detected!

In the past 14 hours, whale "DWhUa" has allegedly purchased $18.57M worth of 4 meme coins via Binance and DEX, including:

• 7.249 $WIF ($13.3M)
• 5.77M $POPCAT ($3.82M)
• 4.57M $FWOG ($980K)
• 3.9M $michi ($470K)

All these… pic.twitter.com/plT0JzGKFq

— Spot On Chain (@spotonchain) January 8, 2025

Solscan.io data revealed heavy whale activity on Solana as one investor transacted over $9 million worth of WIF and POPCAT meme coins. The whale now has a balance of 7.18 million WIF and 5.77 million POPCAT. Spot On Chain data shows that the whale has been active for less than a month, and the transaction history reveals that the wallet ‘DWhUa’ was activated only 22 days ago. 

In the first transaction on the DWhUa wallet, the whale purchased 0.992 SOL worth $193.53. The investor then bought 2 million USDT worth $1.99 million before swapping all the 2 million USDT for 2 million USDC. According to Spot On Chain data, two swap transactions of 500K USDC each followed where the whale acquired a total of 928.8K POPCAT valued at ~$999.5K. 

Two more swap transactions of 499.9K USDC added 839.71K POPCAT worth $999.23K to the whale’s portfolio. In the last transaction that day, approximately 1.9 million POPCAT was deposited to ByBit. The wallet remained dormant until 20 hours ago when the address started accumulating more memecoins through purchases and swaps.

Solana memecoins market cap crosses the $22B milestone amid memecoin rally

Solana memecoins were in the spotlight on Monday as their aggregate market cap broke above the $22 billion mark amid AI agent rave. Investors funneled capital into the Solana memecoin sector to record a new all-time high, according to Coingecko’s data. Market trends observed recently showed that the crypto AI agent narrative had pushed this latest growth spike within the Solana memecoins sector. 

New meme coins like FART (Fartcoin), Ai16z, and Pudgy Penguins quickly rose to prominence, setting the stage for January’s significant price action and attracting investors. As the year unfolded, technical indicators on TradingView charts highlighted ‘bullish’ price movements from the top-performing Solana memecoins. 

Pudgy Penguins’ 45.8% surge to $0.044 in the past seven days and a market cap of $2.8 billion can be attributed to partnerships with meme influencers and its community-driven approach. 

Fartcoin’s 7-day 24.6% rise to $1.29 pushed the market cap to $1.3 billion. FART’s popularity is due to a blend of community-driven meme campaigns and AI-enhanced features. 

Ai16z, on the other hand, has gained 51.3% since the start of the year to reach $2.20 and a market cap of $2.4 billion. The meme coin leverages the hype around AI and blockchain, combining meme culture with advanced AI-driven analytics.

Pudgy Penguins, FART, and Ai16z could break above their respective resistance levels for a rally before month-end if market sentiment remains positive and high-risk bets on Solana memecoins continue. Pudgy Penguins may test $0.055, FART could test $1.5, and Ai16z may rally toward $2.5, with the current bullish sentiment indicating a further push to $2.80.

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