Meme coin buying and selling on the Solana community exploded final 12 months, with firms similar to BONK, Dogwifhat and POPCAT growing their market capitalization from lower than $1 million to over $1 billion. There are different profitable cash which have reached market caps within the tons of of hundreds of thousands. Nonetheless, one meme coin at the moment stands out after a Dogwifhat whale accomplished an enormous $2.4 million buy and triggered a worth surge.
Solana Dealer invests $2.4 million in MUMUThe Bull
MUMU The Bull is one other Solana meme token that has been slowly making its means in the direction of the $100 million degree. It lastly hit $100 million this week, at which level some traders look like beginning to worry lacking out (FOMO).
On Thursday, SolanaFloor, the Solana Community’s on-chain knowledge tracker, reported that the meme token was being bought in giant numbers, with the vast majority of its buying and selling quantity going down on decentralized exchanges (DEXs). Solana merchants bought roughly $2.4 million price of Meme cash in a single transaction.
Following the acquisition, the MUMU The Bull meme coin noticed enormous worth swings, with its market cap reaching $820 million in seconds. In fact, the worth has since fallen again to regular ranges, however an fascinating proven fact that attracted traders is which tokens had been exchanged for MUMU The Bull.
In keeping with on-chain knowledge, the Solana dealer held almost $3 million price of Dogwifhat meme tokens earlier than buying them, then swapped $2.4 million price of WIF for MUMU The Bull. This routinely makes the Solana dealer the fourth largest holder of the meme coin.
Will Bull MUMU be the following Dogwifhat?
Whale’s $2.4 million acquisition of MUMU The Bull led to comparisons with Dogwifhat, given comparable incidents in WIF’s early days. Again in January 2024, when the worth of Dogwifhat surged, there was an enormous buy of $8.6 million, inflicting the worth of the Meme coin to virtually triple in a matter of seconds.
On the time, the acquisition drew criticism from the Solana neighborhood, with many believing Whale had made a foul funding. Nonetheless, Dogwifhat’s market capitalization rose into the billions, netting Solana merchants tens of hundreds of thousands of {dollars} in earnings.
Given Dogwifhat’s efficiency, expectations have risen for MUMU The Bull to cowl the influence of the $2.4 million acquisition. The identical sentiment was echoed by neighborhood member @cheatcoiner on
Featured picture created utilizing Dall.E, chart from Tradingview.com
