Solana Whale Stakes $14.8M in SOL Amid Meme Coin Panic

A significant Solana whale has sparked market interest by accumulating a substantial amount of SOL tokens for staking purposes, despite the ongoing meme coin panic on the network. On-chain data revealed that the whale withdrew 87,328 SOL, valued at approximately $14.8 million, to stake it. This move by the large-scale investor has fueled speculations about the potential for SOL to regain a break above $200, following a recent 15% decline amid a $4.5 billion SOL meme coin insider trading saga.

Solana has recently faced severe scrutiny, despite offering a highly efficient and scalable environment for token launches, particularly for meme tokens. The launch of the Argentinian president-backed meme coin LIBRA, along with other Solana meme coins like TRUMP and MELANIA, has raised concerns among market participants. The LIBRA token's $4.5 billion insider trading chronicle has sent shockwaves across the Layer 1 network, with nearly 82% of the meme coin owned by a few investors. The token's team also drained the liquidity pool, and a sniper cashed out $107 million, leading to a massive crash. Speculations of links between MELANIA and LIBRA meme coin crashes have also surfaced, further echoing concerns for SOL price amid rising scandals.

At the time of reporting, SOL price exhibited a sideways trading session in the past 24 hours, exchanging 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. SOL has lost nearly 15% since February 15, extending losses since a day after the new meme coin's launch on the network. The coin's waning action is also attributable to plunging network activity. The current scenario for the layer 1 crypto remains highly uncertain, with macro heat further urging investors to be cautious.