TL;DR
- One meme coin stands out with a nearly 100% increase in its value, pushing its market capitalization past $500 million and making it the 12th largest in its category.
- The asset’s significant price surge coincides with increased purchases by whales.
MEW’s Impressive Ascent
In recent days, the value of cryptocurrencies took a significant hit, causing Bitcoin (BTC) and Ethereum (ETH), among other major digital assets, to reach their lowest points in weeks. The meme coin category was significantly impacted, leading to double-digit weekly declines for Dogecoin (DOGE), Shiba Inu (SHIB), dogecoin-wif (WIF), Pepe (PEPE), and numerous others.
The situation looks much better today (April 15). The market capitalization of the meme coin niche is inching towards the $55 billion mark, while most leading tokens are well in the green. One Solana-based meme coin, though, leads the pack with a daily increase of almost 100%, and its name is Cat in a Dogs World (MEW).
The value of this asset on the market exceeded half a billion dollars, placing it as the twelfth largest among meme coins.
Whales on the Move
A meme coin named SLERF, which runs on the Solana blockchain, has seen a significant resurgence today. The coin’s value has risen by approximately 37%, and its market value now surpasses $200 million.
The remarkable leaps in MEW and SLERF occur hand in hand with heightened whale behavior, as reported by Lookonchain. Notably, major investors have scooped up substantial quantities of these assets during the recent market downturn.
A single whale took out around $1.5 million from Binance to acquire roughly 480 million MEW tokens at an average cost of $0.0032 each. Meanwhile, another whale bought about 4 million SLERF coins, spending close to $1.3 million in the process.
Dealing with meme coins and selling the stash at the right time could result in multi-million profits. However, traders should also keep in mind the notorious volatility of the asset class, which may result in crucial losses. If you are about to hop on the bandwagon, please check our dedicated video below to avoid some common mistakes:
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2024-04-15 12:05