Millionaire investors are investing heavily in this cryptocurrency
Volatility in the cryptocurrency market reached its peak again last week, with most of the largest cryptocurrencies closing lower. However, several investors took advantage of this movement to invest millions of dollars in Solana (SOL), according to its observed onchain activities.
Three whale addresses stood out with their purchases and they all left their SOL in staking the tokens to earn passive income. According to Lookonchain, staking tokens reinforces investors' intention to maintain medium to long-term positions.
This is notably different behavior than recently observed to be prevalent, which is aimed at short-term and highly speculative gains. Many millionaire Solana addresses were using SOL to buy and bet on memecoins, a sector that promises the most gains in 2024.
Solana Cryptocurrency: Between staking and memecoins
One of the most promising cryptocurrencies in this sense is Pepe Unchained, which broke a new record of US$23 million raised in its pre-sale. This memecoin has a staking platform whose returns can reach more than 100%, in addition to a price per token of a mere US$0.011, making it a great promise of profitability.
This token recorded one of the best presales of 2024 bringing an innovative Layer 2 network focused on launching memecoins. With this, Pepe Unchained proposes to bring to Ethereum the success of other platforms, such as Pump.fun, which made Solana stand out and made whales bet big on its appreciation.
Another token that benefited from staking was FreeDum Fighters, inspired by the United States election and satirizing candidates Donald Trump and Kamala Harris. In this project, staking yield occurs when users stake DUM tokens on their favorite candidate.
But another reason behind the interest in Solana was the Goatsesus Maximus, or just GOAT, memecoin that soared when an Artificial Intelligence (AI) bot called Truth Terminal did an analysis and nominated this memecoin. Its price skyrocketed to 516% after the indication.
Millionaires buy and stake SOL
Returning to the SOL cryptocurrency, the address 'AA21BSr(…)' withdrew 153,511 SOL from Binance in the last six days, amounting to US$26.4 million. The millionaire investor then staked the majority of these holdings through the Marinade Finance protocol, acquiring MSOL tokens.
Next it was the turn of the address 'EGzicbS(…)', which purchased 13,000 SOL and increased its total assets to 95,651 SOL, totaling US$ 16.83 million. But this investor chose not to stake.
Finally, 'EHax4mB(…)' bought and withdrew $6.12 million worth of 35,498 SOL from Binance and Kraken in three days. Just like the first, this investor also opted for net staking of the token, this time on the Jito Network, purchasing JITOSOL.