A Solana whale caused a market stir on Wednesday by heavily accumulating coins for staking purposes despite the ongoing meme coin panic on the network. On-chain data flagged that the whale withdrew 87K SOL, worth $14.8 million, for staking whilst the crypto’s price traded around the $169 level. In turn, traders and investors speculate whether the leading altcoin could regain a break above $200 after losing nearly 15% since last week amid a $4.5 billion SOL meme coin insider trading saga.
Solana Whale Stakes $15M SOL Sparking Speculations
According to an X post by Lookonchain as of February 19, a Solana whale ‘Guf5kl’ withdrew a staggering 87,328 SOL ($14.8 million) over the past few days from Binance to stake it. This decision by the large-scale investor underscored strong confidence in the network, sparking contrary speculations amid rising meme coin scandals on the network.
Notably, Solana recently encountered severe scrutiny despite offering a highly efficient and scalable environment for token launches, particularly in the case of meme tokens. The launch of the Argentinian president-backed meme coin LIBRA soon fell from grace alike other Solana meme coins including TRUMP and MELANIA. This has triggered severe concerns among market participants despite the massive staking.
$4.5B Insider Trading Saga
As per a CoinGape report, LIBRA token’s $4.5 billion insider trader chronicle has sent shockwaves across the Layer 1 network. Argentinian President Javier Milei endorsed the coin last week, which propelled the coin’s market cap to hit a $4.5 billion evaluation. However, this saga soon proved to be the catalyst for insider trading, as nearly 82% of the meme coin was owned by only a few investors.
Further, the token’s team also drained the liquidity pool, whereas $107 million was cashed out by a sniper, pulling the meme coin down to a massive crash. Intriguingly, speculations of links between MELANIA and LIBRA meme coin crashes also prevailed, CoinGape reported. Overall, the rising meme coin scandals on the Solana network, incurring user losses, echoed concerns for SOL price amid rising concerns.
SOL Price Reacts
At the time of reporting, SOL price showcased a sideways trading session in the past 24 hours and exchanged hands at $171.16. The coin’s intraday bottom and high were $161.31 and $171.34, respectively. Traders and investors remain cautious over future price movements despite the Solana whale’s colossal staking due to broader trends and recent network-related developments.
Notably, SOL lost nearly 15% since February 15 to date, extending losses since a day after the new meme coin’s launch on the network. Further, SOL’s waning action is also attributable to plunging network activity, per another CoinGape report. In turn, the current scenario for the layer 1 crypto remains highly uncertain, with macro heat further urging investors to be cautious.
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