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 hundreds of thousands in market cap. Nonetheless, one meme coin is standing out at the moment after a Dogwifhat whale accomplished a large $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 means 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 traders.
On Thursday, the on-chain information tracker for the Solana community, SolanaFloor, reported a large 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 price of the meme coin in a single transaction.
On account of the purchase, the MUMU The Bull meme coin noticed a large worth 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 fascinating incontrovertible fact that has captured traders is what cash have been swapped for MUMU The Bull.
Based on on-chain information, the Solana dealer was holding nearly $3 million price of the Dogwifhat meme coin earlier than the acquisition, earlier than swapping $2.4 million price of WIF for MUMU The Bull. This mechanically 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 worth was taking off, there was a large $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 group, with many believing that the whale had made a nasty funding. Nonetheless, the Dogwifhat market cap rose to the billions, making the Solana dealer tens of hundreds of thousands 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 possibly can’t cease the bull.”
Featured picture created with Dall.E, chart from Tradingview.com