Large investors on the Solana blockchain, colloquially known as whales, have been buying up memecoins amid a recent cryptocurrency market downturn that has seen the prices of these assets plunge.

According to data shared by on-chain analysis service Lookonchain, these Solana whales actively started accumulating memecoins as prices started dropping, with two major whales accumulating memecoins including Sloth-theme coin Slerf ($SLERF), Pepe-themed Book of Meme ($BOME,) and Jode Biden-based Jeo Boden ($BODEN).

The whales accumulated these tokens from popular cryptocurrency exchanges including KuCoin and Binance, with one whale moving 31,916 SOL worth over 44.5 million from KuCoin to spend nearly $300,000 on BODEN.

Another whale moved $2.25 million off of leading cryptocurrency exchange Biden, and then used up $1.12 million to buy SLERF, and $660,000 to buy BOME.

However, Lookonchain’s data also suggests a more cautious approach from other whales, noting that four separate whales engaged in “panic selling” during the market correction, offloading a combined total of $12.41 million worth of Dogwifhat (WIF), the leading memecoin on the Solana blockchain.

Cryptocurrency prices started correcting over the weekend after Iran launched a large-scale attack on Israel with drones and cruise missiles, prompting investor to move into safe haven assets amid fears the attack could lead to a wider conflict.

It’s worth noting that Solana’s price has been plunging over the last few days, dropping by over 27% in a week to now trade at around $130 as it struggles to deal with network congestion caused by a wave of memecoin traders and bots the network.

As CryptoGlobe reported, a popular cryptocurrency analyst known in the space for accurately predicting the cryptocurrency market bottom during the 2018 bear market has recently revealed he believes the price of smart contract platform Solana will go “higher.”

The prediction, however, was made after the price of SOL dropped to the $160 mark, with the cryptocurrency having since dropped to the $130 mark.

Featured image via Pixabay.