Meme coin buying and selling on the Solana community has exploded during the last 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 lots of of tens of millions in market cap. Nevertheless, one meme coin is standing out at present after a Dogwifhat whale accomplished an enormous $2.4 million buy that triggered a surge within the value.
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 method towards the $100 million market cap degree. It lastly reached $100 million this week, which is when worry of lacking out (FOMO) appears to have set in for some buyers.
On Thursday, the on-chain knowledge 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.
Because of the purchase, the MUMU The Bull meme coin noticed an enormous value wick that despatched its market cap to $820 million in a matter of seconds. Naturally, the worth has since retraced to its common degree, however one attention-grabbing indisputable fact that has captured buyers is what cash have been swapped for MUMU The Bull.
In keeping with on-chain knowledge, the Solana dealer was holding virtually $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 routinely 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 value was taking off, there was an enormous $8.6 million purchase that noticed the worth of the meme coin virtually triple in seconds.
On the time, the purchase drew criticism from the Solana group, with many believing that the whale had made a foul 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 possibly can’t cease the bull.”
Featured picture created with Dall.E, chart from Tradingview.com
