The meme coin craze is ongoing. While all this is happening, no one could have predicted such growth on the Solana network. Linked to hundreds and even thousands of projects on DEXs, an incredible network activity has emerged. Projects like BOME and SLERF have attracted significant interest over time, while many other projects have reached volumes of hundreds of millions of dollars, but some have been exposed as rug pulls.
Investors Accumulate Solana Meme Coins
On-chain data reveals that a major investor has accumulated large amounts of two Solana (SOL) based meme coins.
According to data provided by the blockchain tracking platform Lookonchain, it was discovered that an investor purchased 776,830 dogwifhat (WIF) and acquired 181 million cat in a dog’s world (MEW) within less than two weeks.
A smart money entity is buying MEW with a new wallet and spent 6,000 SOL ($1.15 million) on Monday to purchase 181 million MEW. This smart money also spent 10,000 SOL ($1.91 million) on March 20th to buy 776,830 WIF ($3.18 million) and has realized an unrealized profit of $1.27 million. Additionally, they have earned 4,893 SOL ($934,000) from SLERF.
As of the time of writing, MEW has seen an increase of over 27% in the last day and is valued at $0.008502, while WIF has experienced a decline of about 1% in the last 24 hours to a value of $3.89, and the Solana-based meme token Slerf (SLERF) has traded at $0.47 following an 11% decrease over 24 hours.
Unexpected Events May Occur on Solana
The rising memecoin ecosystem on Solana seems to be closely monitored by the crypto community, including famous crypto analyst The Flow Horse.
In an ecosystem dominated by dog meme coins, the analyst shared his belief that a cat-themed meme coin could be listed on Coinbase, America’s largest crypto exchange by volume, before the currently largest meme coin on the Solana network, dogwifhat.
At this rate, it looks like MEW will be listed on Coinbase before WIF. Jokes aside, don’t overlook the project that suddenly appeared with a stacked order book and a strangely high market value.
