Solana whale's $14.8M staking move sparks speculation amid meme coin chaos and SOL price struggles - IcoHolder.
A major Solana whale has sparked speculation across the crypto community by withdrawing a massive $14.8 million worth of SOL coins for staking, despite the growing turmoil surrounding meme coins on the network. This bold move by a whale identified as ‘Guf5kl’ has captured the attention of traders and investors, fueling debates about whether Solana could recover and break through the $200 mark after a significant price drop.
On February 19, blockchain tracking platform Lookonchain reported that the whale withdrew 87,328 SOL from Binance, signaling a strong vote of confidence in Solana’s network. The decision comes at a time when Solana has been rocked by meme coin controversies, including the rise and fall of coins like LIBRA, TRUMP, and MELANIA. Despite the ongoing turbulence, this high-profile staking move suggests that some investors still see Solana as a promising long-term platform.
Solana’s recent focus on meme coins has brought both attention and criticism to the network. The debut of the LIBRA token, backed by Argentinian President Javier Milei, initially skyrocketed in value, pushing its market cap to $4.5 billion. However, the coin soon became embroiled in a scandal when it was revealed that a small group of insiders controlled over 80% of the token, leading to massive sell-offs and liquidity issues. The scandal surrounding LIBRA has left a stain on Solana’s image, as questions about network integrity and the stability of meme coins arise.
The LIBRA saga took a darker turn when it was discovered that the coin’s creators had drained its liquidity pool, while a significant amount of funds were cashed out by a sniper. The price of the meme coin collapsed, and speculations linked the failures of other Solana-backed meme coins, including MELANIA, to the same pattern of insider trading. As a result, many investors are now questioning whether Solana can continue to thrive as a leading blockchain platform amidst such controversies.
Amidst these developments, SOL's price has struggled to maintain upward momentum. Currently trading around $171, the coin has experienced a near 15% decline since February 15, further intensifying concerns among investors. While the whale’s staking activity may indicate confidence in Solana’s future, the broader network issues and meme coin scandals paint a less optimistic picture.
Solana’s network activity has also seen a decline, with fewer transactions and engagements from developers and users. This drop, coupled with the recent volatility in SOL's price, leaves the cryptocurrency in a state of uncertainty. Investors are watching closely to see whether the whale’s large staking position will help bolster Solana’s long-term prospects or whether the ongoing controversies will continue to weigh on its value.
As Solana navigates these turbulent times, all eyes will be on the price action of SOL and how the network responds to the meme coin crisis.
