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 nicely working into the a whole bunch 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 price.
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 manner 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 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 price wick that despatched its market cap to $820 million in a matter of seconds. Naturally, the price 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 response to 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} related occasion occurred within the early days of WIF. Again in January 2024, when the Dogwifhat price was taking off, there was an enormous $8.6 million purchase that noticed the price of the meme coin nearly triple in seconds.
On the time, the purchase drew criticism from the Solana group, 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. Group member @cheatcoiner on X (previously Twitter), echoed this sentiment, saying, “Time to fill the wick now, you can’t stop the bull.”
Featured picture created with Dall.E, chart from Tradingview.com