Matrixport: Solana whales are shifting their profit funds towards BTC, as the heat in the Meme coin market cools down

ChainCatcher news, Matrixport's latest report points out that the number of wallets holding more than 10,000 SOL has significantly decreased in the past two months, indicating that large holders are taking profits.

At the same time, the heat of the Meme coin market is cooling down. Data from Pump.fun platform shows that the daily issuance volume of Meme coins has dropped by 16% within 30 days and daily trading volume has fallen sharply from a high point of 71,738 transactions on January 23rd.

The report pointed out that Trump Meme Coin’s plunge from $60 to $20 severely hit retail investors' confidence. Although Raydium (RAY) price has recently risen, early Solana investors are shifting their profit funds towards Bitcoin. This capital rotation explains why Bitcoin still maintains relative resilience when altcoins generally pull back.

In addition, although Ethereum reduced transaction fees in March 2024, it failed to gain significant advantages in current Meme coin trends due to user experience and cost issues.