Whale Spends $18.57 Million on Solana-Based Memecoins Amid Market Decline

Despite recent declines in Bitcoin (BTC) and altcoins, some investors have responded by panic selling, while others view the downturn as a buying opportunity.

A notable event today involved a large purchase by an anonymous whale, who made significant investments in four Solana-based memecoins.

According to Spot on Chain, the whale, identified as “DWhUa,” spent $18.57 million on the memecoins WIF, POPCAT, FWOG, and MICHI. The purchase was made across both Binance and decentralized exchanges (DEX). The breakdown of the transaction includes:

• 7,249 WIF, valued at $13.3 million
• 5.77 million POPCAT, worth $3.82 million
• 4.57 million FWOG, valued at $980K
• 3.9 million MICHI, worth $470K

Although these memecoins were also affected by the broader market decline, with WIF dropping by 10.6%, POPCAT falling by 16.4%, FWOG decreasing by 8.9%, and MICHI down by 7.7%, the whale’s purchase highlights a belief in the potential of these coins despite the short-term downturn.