Crypto Market Shifts: Solana Whales Sell-Off, Meme Coin Frenzy Cools
According to a recent report by Matrixport, highlighted by TechFlow, a notable drop in the number of wallets holding over 10,000 SOL in the past two months, indicating that major investors are locking in their gains. At the same time, the Meme coin sector has lost momentum. Data from the Pump.fun platform shows that the daily creation of Meme coins has declined by 16% over the past month, while daily trading activity has plunged from a peak of 71,738 on January 23.
The report further notes that the sharp downturn of the Trump Meme Coin (TRUMP) from $60 to $20 has significantly undermined retail investor sentiment. Although Raydium (RAY) has experienced recent price appreciation, early Solana investors are redirecting their profits into Bitcoin. This capital reallocation accounts for Bitcoin’s relative stability amid a widespread downturn in altcoins. Furthermore, despite Ethereum reducing transaction fees in March 2024, it has struggled to establish a competitive edge in the current Meme coin wave due to persistent usability and cost challenges.
