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Cryptocurrency News Articles

Solana Memecoins Skyrocket as 'Smart Money' Investor Swoops In

Apr 03, 2024 at 05:29 pm

An investor has been accumulating significant amounts of two Solana-based memecoins, cat in a dog's world (MEW) and dogwifhat (WIF), according to on-chain data from Lookonchain. The trader recently purchased 181 million MEW and previously bought 776,830 WIF, indicating a strategic accumulation strategy.

Solana Memecoins Skyrocket as 'Smart Money' Investor Swoops In

Solana Memecoins Surge as 'Smart Money' Investor Acquires Massive Holdings

In a significant development within the Solana (SOL) ecosystem, a well-heeled investor has been amassing vast quantities of two popular memecoins, cat in a dog's world (MEW) and dogwifhat (WIF), indicating a potential shift in the market's sentiment towards these digital assets.

According to data compiled by blockchain monitoring service Lookonchain, the investor recently purchased 181 million MEW, following a substantial acquisition of 776,830 WIF less than two weeks prior. This strategic move suggests a long-term bullish outlook for these memecoins within the Solana ecosystem.

The 'smart money' moniker attributed to this investor highlights their astute market analysis and ability to identify undervalued opportunities. The substantial investments made in both MEW and WIF demonstrate a belief in the potential of these cryptocurrencies to generate significant returns in the future.

"A smart money is buying MEW with a new wallet, and has spent 6,000 SOL ($1.15 million) to buy 181 million MEW [on Monday]. This smart money spent 10,000 SOL ($1.91 million) to buy 776,830 WIF ($3.18 million) on March 20th, with an unrealized profit of $1.27 million. He also made 4,893 SOL ($934,000) on SLERF," the Lookonchain report stated.

At the time of this report, MEW had experienced a surge of over 45% within a 24-hour period, reaching a value of $0.007718. On the other hand, WIF exhibited a modest decline of nearly 7%, trading at $3.96. The third meme token mentioned in the report, Slerf (SLERF), also faced a drop of approximately 11%, with its current value standing at $0.47.

The sudden interest in Solana-based memecoins has attracted the attention of seasoned crypto traders, including the pseudonymous trader known as The Flow Horse. He postulates that MEW may establish a presence on the reputable US crypto exchange Coinbase before WIF, despite WIF's current dominance as the leading memecoin on Solana.

"At this rate, MEW looks like it will get a Coinbase listing before WIF. All joking aside, don't fade the project that comes out of nowhere with a stacked book and an oddly high market cap," The Flow Horse advised.

This recent surge in activity within the Solana memecoin ecosystem highlights the growing interest in these digital assets and the potential for further price appreciation in the future. As more investors recognize the value and potential of these cryptocurrencies, it remains likely that the market for Solana-based memecoins will continue to flourish.

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