Solana’s SOL token has made significant strides in the cryptocurrency market, surpassing Binance Coin (BNB) to secure the 4th rank in terms of market valuation.
This shift comes on the heels of a notable price spike over the weekend, further fueled by the growing frenzy surrounding meme coins on the blockchain, including $WIF, $BONK, and the latest addition, $BOME.
With SOL’s market value now exceeding $90 billion, the token experienced a remarkable 10% increase in value for the day, reaching its highest level since December 2021 at $209 per token.
This surge in activity underscores the increasing prominence of Solana within the crypto space.
🚨 JUST IN: #Solana's $SOL leapfrogs over $BNB to claim the title of the world's fourth most valuable #cryptocurrency by #marketcap. 🔥🚀 pic.twitter.com/VetTN5VVPN
— CoinEcho (@mycoinecho) March 17, 2024
Spotonchain data revealed significant activity from a massive whale identified as BU6N2, who deposited a substantial 200,000 SOL, equivalent to $40.5 million, onto Binance over the past 8 hours.
Notably, this whale has deposited a total of 300,000 SOL to Binance within the last 2 days, averaging $200.3 per token, amounting to $60.1 million.Â
Massive whale BU6N2 deposited 200K $SOL ($40.5M) to #Binance at ~$202.5 in the past 8 hours, after $SOL flipped $BNB in terms of market cap today!
Overall, the whale has deposited 300K $SOL to Binance at ~$200.3 ($60.1M) in the past 2 days,
And now still holds 1.52M $SOL… pic.twitter.com/eFGTULDuhs
— Spot On Chain (@spotonchain) March 18, 2024
Turns And Twists Of Whales In The Solana Ecosystem
The whale still retains a sizable holding of 1.52 million SOL, valued at $305 million, with a portion potentially earmarked for further deposit onto centralized exchanges (CEX).
While many traders capitalized on the surge in Solana memecoin activity to turn a profit, Lookonchain identified a wallet exhibiting a different pattern. This particular wallet engaged in trading 11 memecoins within a span of 3 days, consistently experiencing losses on each trade.Â
Not everyone can make money by trading #memecoins on #Solana!
This guy traded 11 #memecoins in 3 days, losing money on each one, for a total loss of 754 $SOL($147K).
He seems to be very #FOMO, always buying high and selling low.https://t.co/lxijIqGLZC pic.twitter.com/f7KfOf5i17
— Lookonchain (@lookonchain) March 17, 2024
With a total loss of 754 SOL, equivalent to $147,000, the trader’s behavior suggests a pattern of fear of missing out (FOMO), consistently buying at high prices and selling at lower ones.
As Solana’s momentum continues to build amidst the broader market activity, investors and traders will closely monitor its performance and the evolving dynamics within the cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: alexandarilich/123RF // Image Effects by Colorcinch
