Solana whale wallets were seen transferring a large amount of funds to the Binance and several other exchanges.
Typically, when multi-million wallet holders transfer those amounts from one wallet to another, it creates a large selling pressure on the crypto involved.
However, SOL price held up strong despite the rise in the transactions, which points to a strong foundation, and a possible new bull runs for the asset.
Solana’s strength primarily comes from community-centric meme coins like Slothana ($SLOTH), Book of Meme (BOME), and Sponge V2 (SPONGEV2).
Tokens like these recorded mind-boggling returns in the previous weeks, and SOL’s resistance indicates that we can expect even more as we approach the halving event.
Let’s see what’s happening behind the curtain.
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Whales Transfer Funds to Unknown Wallets but SOL Holds Fort – New Bull Run in Sight?
Solana was shaken this week as crypto whales shuffled around massive SOL stacks to unknown wallets.
However, despite these high-value movements, the SOL token has held its ground, fueling speculation that a new bull run could be on the horizon.
It all started Monday when the market cooled off and SOL dipped under $190. That’s when whale watchers spotted four colossal transactions totaling nearly 5 million SOL – worth over $950 million at the time – heading to fresh wallet addresses.
While such concentrated outflows can sometimes signal incoming sell pressure, the motive here is unclear. The whales could be redistributing funds through OTC channels to minimize market impact. Or they may simply be rearranging their portfolios.
Regardless of the whales’ intentions, SOL has stayed afloat. The token continues trading sideways, suggesting bulls are committed to preserving its uptrend.
As the broader downturn pressure fades, many investors are using this as an opportunity to load up on dipped SOL and its swarm of viral meme coins. The thinking is, once SOL reclaims $200, the rally for Solana’s viral token ecosystem will be reignited.
For those high-rolling whales behind the massive transactions, the persisting optimism from smaller buyers is a reassuring sign – this hype train hasn’t lost steam yet. Now it’s a question of when, not if, the next bull of meme coin mania will erupt.
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Slothana ($SLOTH) – New Viral SOL Meme Coin Presale Raises Millions Despite the Market Dip
While the broader crypto market has been stuck in a slump, one project is proving that the right combination of virality and tokenomics can still raise funds.
Combining the words “sloth” and “Solana,” this cheekily-named token has managed to raise an impressive $8 million in just under a week through its ongoing presale.
That’s no small feat in the current bearish conditions, suggesting Slothana could be primed for exponential gains once the bulls start charging again.
So, what’s driving all this hype? For starters, Slothana has streamlined the investment process with a simple presale model.
Send SOL from your crypto wallet to a designated address, and you’ll receive an airdrop of SLOTH tokens at a rate of 10,000 per SOL once the presale concludes.
Slothana’s team has also been working overtime to build hype through a multi-pronged marketing blitz across major crypto media outlets.
Notable voices like Jacob Bury have even drawn comparisons between Slothana and the viral success of Book of Meme on Solana.
While this blistering start is undoubtedly promising for Slothana’s future endeavors, maintaining that momentum in the cut-throat meme coin arena will be the real challenge.
But for now, the market’s “slothing” this project as the potential new king of Solana’s meme kingdom.
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Dogecoin 20 ($DOGE20) – Primed for Price Explosion as Halving and DOGE Day Approach
Even though not based on SOL, we had to include Dogecoin 20 in our list due to the high-gains potential it offers by aligning its launch with two major crypto events that could supercharge its momentum right out of the gate.
First up is the highly anticipated “DOGE Day” celebrations on April 20th, which holds cultural significance for the Dogecoin maniacs.
Supporters of the OG meme coin use this occasion to come together, share jokes and memes, and rally behind their beloved DOGE.
But DOGE20’s launch isn’t just piggybacking on Doge Day – it’s also perfectly timed with Bitcoin’s upcoming halving event, another crucial milestone that has historically started significant crypto market upswings.
So, what exactly sets this token apart from its iconic predecessor?
Firstly, DOGE20 addresses environmental concerns by utilizing an energy-efficient proof-of-stake consensus mechanism instead of Dogecoin’s mining-based model.
Perhaps DOGE20’s most important feature, however, is its lucrative staking program. Holders can stake their tokens to earn a slice of the 15% token supply allocated for staking rewards, distributed over two years. Currently, the advertised APY for stakers exceeds 60%.
With over $10 million raised during its recent presale, DOGE20 has already demonstrated a rabid appetite from investors.
That’s why the team prepared a ‘Last Chance to Buy’ stage, for all investors who didn’t make it in time during the official presale raising.
However, make sure to act fast on it, as this one is also expected to sell out well before schedule.
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Book of Meme (BOME) – $1B+ Solana Meme Coin Hit
Book of Meme took the meme coin world like crazy, quickly etching its name among the most explosive launches.
After hitting the scene in March, this Solana-based token skyrocketed to a staggering $1.4 billion market cap – briefly coming close to Dogecoin as the #2 most traded meme coin.
While BOME retraced around 44% from those highs, it still commands a strong following across social media.
Many holders believe that if the broader meme coin mania regains momentum, Book of Meme could be perfectly positioned for another significant surge.
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Conclusion
Even though whale movements put a lot of sell pressure on the SOL blockchain, several coins with strong foundations managed to fight off the bears.
This alone speaks volumes about their potential once the pressure wears off and SOL trading volumes pump again.
Experts and crypto influencers suggest SLOTH and DOGE20 might be your best dip-buying option to prepare for the impending bull run.
Despite that, keep in mind the volatility of the meme market, always do additional research, and never invest more than you can afford to lose.