Notorious Solana Whale, sbfonchain.sol, Displays Renewed Meme Token Activity

A Solana vanity address, sbfonchain.sol, has been busy in the past day, moving funds into new meme tokens. The wallet, suspiciously named after the initials of Sam Bankman-Fried, is not necessarily connected to the former founder of the FTX exchange.

A Solana vanity address, sbfonchain.sol, has been making waves with its recent activity, shifting funds into new meme tokens. The wallet, which bears a striking resemblance to the initials of Sam Bankman-Fried, might not be directly linked to the former FTX founder. However, the wallet's activity is intriguing enough to warrant tracking for insights into the meme token market, while hinting at a possible connection to FTX in some form. The wallet's activity surged just as the FTX liquidator main wallet began transferring SOL to Binance and the Coinbase hot wallet, ahead of the 2025 creditor payout.

The vanity domain was registered on December 13, 2023, at a cost of $20. Since then, sbfonchain.sol has entered and exited various meme token markets, often absorbing losses from risky moves.

Solana whale makes a move into RIZZMAS

The Solana whale, armed with millions in USDC, recently made a small risky bet into a just-launched token. Rizzmas (RIZZMAS) rallied soon after sbfonchain.sol bought in, surging from $0.00002 to $0.00007.

Meme coins like RIZZMAS can rally further if the meme manages to trend. This time around, sbfonchain.sol entered at a relatively early stage, adding the new high-risk asset. The allocation to RIZZMAS was relatively small, at only $50,000. The previous two transactions were on a larger scale – a total of $1.1M allocated to Fartcoin, and $995K to buy CHILLGUY.

The vanity address holds 0.28% of the RIZZMAS supply. Tracking the address through Bubblemaps reveals a snapshot of a high-activity cluster with another address. The counterparty wallet holds 0.41% of the RIZZMAS supply, a little over 2B tokens.

Interestingly, the counterparty wallet also holds tokens bearing the ticker FTX, with the same logo as the defunct exchange. The tokens held in that wallet are not a random number – the owner has exactly 69,420 FTX tokens.

The new asset is only symbolically related to the FTX market, but raises suspicions on the identity of the meme token whales. That same wallet is not an idle holder of FTX tokens, but an active trader engaged in another high-activity trading cluster.

At the same time, the sbfonchain.sol wallet does not hold any of the FTX meme tokens. FTX is an extremely volatile asset with just $19K in liquidity locked, but tries to make its way among memes. The token was launched while legacy traders were still engaged with the old FTT token on Binance, amid rumors that the bull market may lead to a relaunch of FTX in another form.

Vanity wallet known for risky moves in the past year

In the past 24 hours, the sbfonchain.sol wallet purchased WIF valued at $4.67M. Later on, the trader sold at a loss for $4.07M, before rolling over into new tokens. The trader’s approach is to move quickly between tokens, until managing to achieve a winning trade.

However, the wallet is not only losing – within a few hours of the WIF loss, a successful trade liquidated CHILLGUY for SOL, which was later swapped for USDC. In less than an hour, the wallet increased its USDC holdings from $600K to $1.05K. The wallet sold 1.6M CHILLGUY for 3,707 WSOL. Additionally, sbfonchain.sol liquidated 1.6M UBC tokens for 668.76 SOL. The SOL was then traded through Jupiter for 1.048M USDC in total.

The sbfonchain.sol wallet is well-known for its risky meme token bets. In October, the wallet was the largest holder of MANYU tokens, before selling rapidly and causing a 45% price crash. The risky trader sold at a loss, only to quickly ape into AI coin for another attempt at a winning trade.

At the end of September, sbfonchain.sol was among the largest buyers of MOODENG, according to Nansen's analysis. Since then, the wallet has divested all MOODENG and moved rapidly into new tokens.

Back in May, the same address jumped between WIF and another high-risk token, HAMMY. This was one of the first instances of the whale dumping tokens and rolling over into new holdings.