A notorious wallet, sbfonchain.sol, displays renewed meme token activity. Previously, the whale has been known to be an early holder of peak memes, though not always achieving the best returns.
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. However, the wallet is curious enough to track for meme token insights, while showing signs it may be related to FTX in some form. The wallet became highly active, just as the FTX liquidator main wallet started sending out SOL to Binance and the Coinbase hot wallet, in preparation for the 2025 payout to creditors.
The vanity domain was reserved on December 13, 2023, with a cost of $20. Since then, sbfonchain.sol entered and exited multiple meme token markets, often absorbing losses from risky moves.
Solana whale moves into RIZZMAS
The Solana whale, equipped with millions in USDC, made a recent risky bet into a just-launched token. Rizzmas (RIZZMAS) rallied soon after sbfonchain.sol bought in, breaking out from $0.00002 to $0.00007.
Tokens like RIZZMAS can rally more if the meme proves popular. This time around, sbfonchain.sol entered at a relatively early stage, adding the new high-risk asset. The allocation to RIZZMAS was relatively small, just $50,000. The previous two transactions were at a bigger 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 showed 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.
What is even more curious, the counterparty wallet is also the holder of 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.
One of the counterparties to sbfonchain.sol is a holder of exactly 69,420 FTX tokens. | Source: Solscan
The new asset is only symbolically related to the FTX market but raises suspicions of 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 bought WIF valued at $4.67M. Later, the trader sold at a loss for $4.07M, ahead of rolling over into new tokens. The trader’s approach is to move fast between tokens, until managing to achieve a winning trade.
The wallet is not only losing – within a few hours of the WIF loss, a successful trade liquidated CHILLGUY for SOL, later swapping the proceeds into USDC. Within 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 made two successful trades with WBC and CHILLGUY. | Source: Solscan
The sbfonchain.sol wallet is no stranger to risky meme token bets. In October, the wallet was the biggest holder of MANYU tokens, just before selling rapidly, leading to a 45% price crash. The risky trader sold at a loss, only to ape into AI coin for another roll of the dice.
At the end of September, sbfonchain.sol was among the biggest buyers of MOODENG, as noted by Nansen’s analysis. Since then, the wallet divested all MOODENG and moved rapidly into new tokens.
Back in May, the same address jumped between WIF and another risky token, HAMMY. This was one of the first instances of the whale’s habit of dumping tokens and rolling over into new holdings.
