Solana Meme Coin Soars 100% as Market Rebounds, Whales Drive Surge

Amidst a broader market recovery, the Solana-based meme coin Cat in a Dogs World (MEW) has surged by almost 100% in the past day, propelling its market cap above $500 million and making it the 12th largest meme coin. This remarkable upswing coincides with increased whale buying activity, with large investors accumulating significant amounts of MEW and SLERF (another Solana-based meme coin that has seen a notable 37% increase) during the recent market downturn.

Solana Meme Coin Explodes 100% Daily Amid Broad Market Recovery: Details Emerge

The cryptocurrency market has endured a major downswing over the past few days, with leading digital assets like Bitcoin (BTC) and Ethereum (ETH) plunging to multi-week lows. The meme coin sector was particularly hard-hit, with the likes of Dogecoin (DOGE), Shiba Inu (SHIB), dogwifat (WIF), Pepe (PEPE), and a plethora of others shedding deep double-digit percentages on a weekly scale.

Yet, the picture looks far brighter today, April 15. The meme coin niche's market capitalization is marching towards the $55 billion mark, while most of the leading tokens are painted green. However, one Solana-based meme coin is leading the pack with a near 100% daily surge, and its name is Cat in a Dogs World (MEW).

The asset's market cap has surpassed the $500 million mark, making it the 12th largest in the meme coin space.

MEW Price Chart | Source: CoinGecko

Whales on the Move

Another meme coin that has experienced a significant revival today is SLERF (also built on the Solana blockchain). Its price is up by about 37%, while its market capitalization has exceeded $200 million.

MEW's and SLERF's impressive jumps coincide with increased activity from whales. According to Lookonchain, large investors scooped up significant amounts of both assets during the recent market meltdown.

One whale withdrew over $1.5 million from Binance to purchase close to 480 million MEW tokens at an average price of $0.0032, while another whale acquired 4 million SLERF coins, spending approximately $1.3 million.

Trading meme coins and selling them at the right time can result in millions of dollars in profits. However, traders should also be aware of the asset class's notorious volatility, which can lead to massive losses. If you're going to join the party, make sure to check out our dedicated video below to avoid some common pitfalls:

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