Researching a Whale Account swapping 500k of $WIF with SolanaFM & Birdeye

Unveiling the movements of a Memecoin whale: Looking at Token-Swaps worth more than 500k USD using SolanaFM & Birdeye

Introduction

This article will dive into the activities of a memecoin trader who traded more than 500k worth of $WIF within a few hours. To do so, we will use handy block navigation tools to search whale accounts. A whale account is classified as an account that usually holds more than 10k in assets.

With the help of Birdeye and SolanaFM, you can keep tabs on active accounts and follow their actions and trading activities for yourself. Monitoring whale accounts enables you to track their activities and gain valuable insights into the type of tokens they are trading.

Memecoins and market opportunities

$WIF is a memecoin that emerged in late 2023 and along with Bonk ($BONK), Wen $WEN and Jeo Boden ($BODEN) has established itself among the most popular Solana memecoins.

Memecoins are popular due to their high rate of fluctuation. They can both gain and loose in value within a very short span of time as their price is often determined by community sentiments and popular opinions.

What can users do to perform due dilligence on Memecoins

Before delving into memecoins, users must exercise caution and perform thorough due diligence. This can include measures like ensuring that no single entity holds a majority of assets and verify that liquidity is adequately maintained by burn addresses.

Beyond that, users should verify the legitimacy of the token source to mitigate the risk of scams. Memecoin environments inadvertently attract bad actors to set fake replicas of meme tokens or create phishing sites for users to sign transactions that results in their wallet being drained.

Below are the contract addresses of the above mentioned coins as viewable on SolanaFM:

$WIF

$BONK

$WEN

$BODEN

View the Trading Account on SolanaFM

Let’s dive into some of the trading activities of this account. On Birdeye, the account displayed a 7-day trading volume of approximately 7,3M $USD.

The account information was pulled up using the SolanaFM block explorer. Individual tagging and labelling on SolanaFM ensures that the account is labelled with a custom name.

In the example at hand, we labelled it “Memecoin Whale” to better identify it during our research. You can view the most recent activity on SolanaFM here.

View Swap Activity of the Whale Account

The whale account traded a substantial amount of $WIF within a short span of time. (Source: birdeye.so)

By examining the transaction history of the trading account, we can gain valuable insights into the trader's strategies and manoeuvres. On Birdeye, the whale account at hand displayed a large number of token swaps and token transfers.

Looking at the activities on Birdeye, the trader swapped substantial amounts of $WIF with $SOL and stablecoins like USDC & Tether mostly using Jupiter. At one point, the account swapped close to 500’000 USD worth of swaps.

Viewing the transaction history on SolanaFM, it is revealed that within a few hours, the trader executed a series of swaps that resulted in those significant transaction volumes.

The Token Swap can be viewed on SolanaFM below in the Transaction When looking up the account on SolanaFM, you can use the Transaction Filters do sort out which transactions you want to view.

The Transaction History of the whale account. The far-right tokens are the ones involved in the transaction, namely $USDC, $WIF that were used for the ‘Swap’ and $SOL for the network fee. (Source: solana.fm)

You can filter for transactions by ‘Token’ & filter for transactions by ‘Action’.

When filtering for ‘Actions’ you can filter for the action ‘Swaps’ so it will display all the token swaps performed on various platforms. From a trading perspective, token swaps often occur in order to capitalise on price disparities within the market.

Filtering for transactions by token on SolanaFM unveils a series of ‘Swaps’, that later culminated into a trading volume close to a 1M USD.

Conclusion

To sum up, memecoins offer enticing trading opportunities and therefore attract a great deal of whale traders looking to capitalise on their benefits. Birdeye and SolanaFM are both savvy ways to access valuable insights and track trader profiles.

By utilising the tools at hand, individuals can gain a deeper understanding of market trends and potentially enhance their trading strategies. With SolanaFM’s advanced filtering capabilities, users can seamlessly glance through the selected ‘Actions’ and ‘Tokens’ in the Transaction history of any whale trader.

Note: This content is for informational purposes only and should not be construed as an offer or financial advice.