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HomeCrypto NewsMarketLarge Whale Dumps $3.19M in Solana for Vine Coin as VINE Price Soars 112%

Large Whale Dumps $3.19M in Solana for Vine Coin as VINE Price Soars 112%

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A large whale has dumped millions’ worth of Solana in what appears to be an attempt to divest into the Vine Coin (VINE) amid a recent price surge.

Specifically, the crypto whale spent 17,082 SOL, worth about $3.19 million today, July 28, to purchase 22.4 million VINE tokens, according to Blockchain analytics firm Lookonchain. The transaction, executed through Solana-based decentralized exchanges, happened within hours of a Binance withdrawal. 

Notably, the VINE tokens are now valued at approximately $3.36 million, reflecting a modest gain of about $17,000 since the acquisition.

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The whale’s move comes as VINE posts sharp gains across the board. As of this press time, VINE trades at $0.1482, up 112% over the past 24 hours. It has climbed 238% in the past week and 437% over the last month.

Whale Moves Entire SOL Position Into VINE

Lookonchain flagged the transaction, pointing to the wallet address 8RwxXR, which now holds only 3.42 SOL, valued at around $661. This indicates that nearly all of the 17,082 Solana tokens were committed to the VINE purchase.

The whale conducted the trade through popular Solana DeFi protocols, including Jupiter and Raydium. On-chain logs show interaction with the VINE/WSOL market on Meteora, a decentralized exchange aggregator. The entire swap took place in under six hours.

Trading History Suggests High-Risk Strategy

This is not the whale’s first high-stakes move. Lookonchain previously reported that the same wallet lost about $125,000 trading PUMP tokens. Despite that setback, the investor has returned with a significantly larger position in another relatively unknown asset.

Solscan reveals the wallet also holds several low-liquidity tokens with no visible market value, including SOLUV and Wake Up to Money (WAKEUP). 

VINE Surged Following Elon Musk’s Tweet 

Notably, VINE memecoin, inspired by the defunct short-video app, came into the limelight after Elon Musk announced plans to revive Vine in AI form. The post, which drew over 44 million views, led to a surge of the memecoin by over 100% following the announcement. 

While Elon Musk’s tweet reignited speculation about the platform’s return, his post stirred skepticism about AI-generated content replacing Vine’s original creative spark. 

Although former Vine founder Rus Yusopov had earlier hinted at AI-driven short videos, there’s no confirmed link between him and Musk’s plan. 

Notably, Rus launched the VINE memecoin earlier this year, and it briefly hit a $480 million market cap before crashing. The recent surge has now pushed the coin’s value to over $149 million. However, Vine co-founder Dom Hofmann denied any connection to the meme coin, and there is no apparent link between Musk’s proposed project and the token.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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