Meme coin buying and selling on the Solana community has exploded over the past yr, with the likes of BONK, Dogwifhat, and POPCAT going from under $1 million to over $1 billion in market cap. There have been different profitable cash as properly working into the tons of of tens of millions in market cap. Nevertheless, one meme coin is standing out at the moment after a Dogwifhat whale accomplished an enormous $2.4 million buy that triggered a surge within the worth.
Solana Dealer Places $2.4 Million Into MUMU The Bull
MUMU The Bull is one other Solana meme coin that has been slowly making its approach towards the $100 million market cap stage. It lastly reached $100 million this week, which is when concern of lacking out (FOMO) appears to have set in for some traders.
On Thursday, the on-chain information tracker for the Solana community, SolanaFloor, reported an enormous purchase into this meme coin with majority of its buying and selling quantity on decentralized exchanges (DEXes). The Solana dealer had purchased roughly $2.4 million value of the meme coin in a single transaction.
On account of the purchase, the MUMU The Bull meme coin noticed an enormous worth wick that despatched its market cap to $820 million in a matter of seconds. Naturally, the worth has since retraced to its common stage, however one fascinating incontrovertible fact that has captured traders is what cash had been swapped for MUMU The Bull.
In accordance with on-chain information, the Solana dealer was holding nearly $3 million value of the Dogwifhat meme coin earlier than the acquisition, earlier than swapping $2.4 million value of WIF for MUMU The Bull. This robotically made the Solana dealer the fourth-largest holder of the meme coin.
Is MUMU The Bull The Subsequent Dogwifhat?
The whale’s $2.4 million purchase into MUMU The Bull has led to comparisons to Dogwifhat, given {that a} comparable occasion occurred within the early days of WIF. Again in January 2024, when the Dogwifhat worth was taking off, there was an enormous $8.6 million purchase that noticed the worth of the meme coin nearly triple in seconds.
On the time, the purchase drew criticism from the Solana neighborhood, with many believing that the whale had made a nasty funding. Nevertheless, the Dogwifhat market cap rose to the billions, making the Solana dealer tens of tens of millions in revenue.
Given the efficiency of Dogwifhat, anticipation for MUMU The Bull filling the wick created by the $2.4 million purchase has risen. Neighborhood member @cheatcoiner on X (previously Twitter), echoed this sentiment, saying, “Time to fill the wick now, you may’t cease the bull.”
Featured picture created with Dall.E, chart from Tradingview.com