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

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. 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.  https://twitter.com/elonmusk/status/1948358524935004201 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.