A blockchain tracking entity, Lookonchain, has observed the activity of a crypto whale withdrawing $5 million from Coinbase in Solana, potentially for investment in AI-centric tokens. The undisclosed investor had previously exchanged approximately $8 million in Solana to acquire AI-focused altcoins, namely AI Rig Complex (ARC) and ai16z (AI16z), prior to this latest withdrawal.
The whale's maneuvers suggest a continued interest in AI-related tokens, aligning with Lookonchain's indication of a resurgence in the AI token market.
The tracker noted an additional withdrawal of 25,306 SOL, equivalent to $5 million, from Coinbase earlier in the week, suggesting further investments in AI tokens may be forthcoming. Initially, the investor allocated 38,138 SOL, or about $7.8 million, towards the acquisition of ARC and AI16z.
As of the latest data, ai16z is priced at $0.4746, experiencing a decline of 8.9% over the past 24 hours, with a market cap positioned at $530.2 million, ranking it as the 158th largest cryptocurrency project. Conversely, ARC is trading at $0.3285, showing a 13.6% increase within the same period, and holds a market cap of $321.1 million, ranking 228th in size.
In parallel, Lookonchain has also identified substantial Ethereum acquisitions by crypto whales. This activity follows Ethereum's significant dip below the $3,000 threshold earlier in the month, currently fluctuating around $2,600.
Two whales have collectively withdrawn 49,250 ETH, valued at approximately $131 million, from exchanges Binance and Bitfinex. Presently, ETH trades at $2,678, reflecting a 3.2% rise within the last day.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.