Blockchain tracking firm Lookonchain says a crypto whale suddenly withdrew $5 million worth of Solana (SOL) to possibly buy more artificial intelligence (AI) related tokens.
According to Lookonchain, an anonymous deep-pocketed investor spent nearly $8 million of Solana to buy AI-focused altcoins AI Rig Complex (ARC) and ai16z (AI16z) and then withdrew more than 25,000 SOL from Coinbase.
The whale may now use the SOL to buy even more AI-related tokens, as Lookonchain suggests the AI token trend may be making a “comeback.”
“The mysterious whale withdrew another 25,306 SOL ($5 million) from Coinbase [Tuesday], possibly to buy more AI tokens. [Earlier ] the whale spent 38,138 SOL ($7.8 million) buying arc and ai16z.”
AI16z is trading for $0.4746 at time of writing, down 8.9% in the last 24 hours. With a market cap of $530.2 million, the Solana-based token is the 158th largest crypto project.
Meanwhile, ARC is trading for $0.3285 at time of writing, up 13.6% in the last 24 hours. With a market cap of $321.1 million, the Solana-based token is the 228th largest crypto project.
Lookonchain also reports crypto whales are suddenly buying massive amounts of Ethereum (ETH).
Ethereum plummeted below $3,000 earlier this month and has since been chopping around the $2,600 level.
“These two whales withdrew another 49,250 ETH ($131 million) from Binance and Bitfinex.”
ETH is trading for $2,678 at time of writing, up 3.2% in the last 24 hours.
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Generated Image: Midjourney