Final yr, Meme coin buying and selling on the Solana community exploded, together with Bunker, Dogwifhat and POPCAT’s market capitalization elevated from lower than $1 million to over $1 billion. There are different profitable cash which have reached market caps within the a whole lot of hundreds of thousands. Nevertheless, after a interval of growth, one meme coin at the moment stands out narwhal An enormous $2.4 million buy was accomplished, triggering a value spike.
Solana Dealer invests $2.4 million in MUMUThe Bull
MUMU The Bull is one other Solana meme token that has been slowly making its approach in the direction of the $100 million degree. It lastly hit $100 million this week, at which level some traders look like beginning to concern lacking out (FOMO).
On Thursday, SolanaFloor, Solana Community’s on-chain knowledge tracker, report Persons are shopping for this meme coin in giant numbers, with most of its buying and selling quantity happening on decentralized exchanges (DEXs). Solana merchants have purchase Meme cash value roughly $2.4 million in a single transaction.
Following the acquisition, the MUMU The Bull meme coin noticed large value swings, with its market cap reaching $820 million in seconds. After all, the value has since fallen again to regular ranges, however an fascinating indisputable fact that attracted traders was which tokens have been exchanged for MUMU The Bull.
Based on on-chain knowledge, Solana merchants maintain almost $3 million value of Dogwifhat meme coin Earlier than shopping for, earlier than exchanging WIF value $2.4 million for MUMU The Bull. This routinely makes the Solana dealer the fourth largest holder of the meme coin.
Will Bull MUMU be the subsequent Dogwifhat?
Whale acquires MUMU The Bull for $2.4 million Comparison with DogwifhatContemplating that comparable incidents occurred within the early days of WIF. Again in January 2024, when the value of Dogwifhat surged, there was a large buy of $8.6 million, inflicting the value of the Meme coin to nearly triple in a matter of seconds.
On the time, the acquisition drew criticism from the Solana group, with many believing Whale had made a foul funding. Nevertheless, Dogwifhat’s market capitalization rose into the billions, netting Solana merchants tens of hundreds of thousands of {dollars} in earnings.
Given Dogwifhat’s efficiency, expectations have risen for MUMU The Bull to cowl the affect of the $2.4 million acquisition. This sentiment was echoed by group member @cheatcoiner on X (previously Twitter), explain“It’s time to fill the wick, you may’t cease the bull.”
Featured picture created utilizing Dall.E, chart from Tradingview.com
