The meme coin craze persists within the Solana ecosystem, strengthening its position as a profitable environment for ‘smart traders’ and seemingly lucky speculators. A trader following this trend has made a Solana (SOL) investment worth $35,000 to purchase a meme coin now valued at over $10 million.
Who Bought How Much MEW
During this period, a Solana address named ‘5We8d…qP5GY’ acquired 4.41 billion units of a token called “cat in a dogs world” (MEW).
For this purchase, the trader spent 178.2 SOL, valued at $35,000, according to data provided by Lookonchain from X (formerly known as Twitter). The transaction took place on March 26 at 5:23 AM (UTC), and Lookonchain shared the information about two hours later at 7:16 AM (UTC).
At the time of Lookonchain’s post, MEW was priced at $0.002023 on Raydium, a popular decentralized exchange on Solana.
MEW Price Analysis
As of the time of writing, the trader’s position on the Solana network appears to have already surpassed the level of $10 billion in unrealized profit following the price movement. MEW is currently trading just above $0.0022 with a market value of $182 million, according to the CoinGecko index.
On the other hand, the token’s 24-hour trading volume is around $220 million. This suggests that the trader could face liquidity issues while trying to realize their billion-dollar profit. To clarify, any significant sale could negatively impact the token’s price and harm the trader’s profitability.
What’s the Price of Solana?
Meanwhile, all eyes were on Solana. It was trading at $196 in the early hours of the day but later experienced a noticeable decline, falling to $187.
The price then made a slight recovery. As of the time of writing, SOL is trading at $189. The market volume saw only a 1.75% decrease, still maintaining over $84 billion. However, there was a decline in the 24-hour trading volume, which fell by 16% to $3.5 billion.
