Whales purchase absurd quantities of Solana meme currencies, MEW & SLERF.
Amidst the cryptocurrency market’s comeback, whale accumulations encourage market optimism.
SLERF & MEW make waves with a sharp upward trend.
In an exciting turn of events, Solana meme coins are causing a stir in the cryptocurrency space by drawing large whale buyers during the general market’s upswing. On-chain insights that were circulating over the cryptocurrency horizon showed that whales from Binance had amassed around 500 million MEW and 4 million SLERF over the previous day. This sparked speculation about the future price movement of the tokens and mirrored a frenzy among traders and investors in the cryptocurrency market throughout the world.
Whales Purchasing SLERF & MEW During Market Recovery
In light of the general recovery in the cryptocurrency market, LookonChain, a blockchain analytics platform, has disclosed that in the last day, two whales have taken out around $3 million worth of Solana to purchase MEW and SLERF.
Notably, the whale with the address B3aTMg purchased 479.6 million MEW at an average price of $0.0032 from Binance, withdrawing 10,438 SOL, or $1.54 million. In contrast, the whale 2zWLX9 purchased 4 million SLERF at an average price of $0.317 from Binance, withdrawing 8,561 SOL, or $1.27 million.
During the market rebound, whales bought $MEW and $SLERF.
B3aTMg withdrew 10,438 $SOL($1.54M) from #Binance to buy 479.6M $MEW at an average price of $0.0032.https://t.co/K32EUy5cF8
2zWLX9 withdrew 8,561 $SOL($1.27M) from #Binance to buy 4M $SLERF at an average price of… pic.twitter.com/qeIWdDTyGt
— Lookonchain (@lookonchain) April 15, 2024
It’s important to note that these accumulations became very popular in the larger cryptocurrency market because the aforementioned Solana meme currencies helped traders make millions of dollars right away after their inception, notching enormous gains. Nevertheless, recent price corrections were also seen in MEW and SLERF; weekly charts reveal a 5% and 6.30% decline in prices, respectively.
However, in line with the current rebound in the cryptocurrency market, MEW and SLERF reported significant gains in addition to the majority of the cryptos noting a pump. The whale accumulations indicated above gave the Solana meme coins even more of a bullish hue.
MEW & SLERF Costs Rise
The MEW (Cat in a Dogs World) token is currently trading at $0.004289, having increased 80.76% in the last day. Meanwhile, the SLERF token is now trading for $0.3765 after rising 26.97% during the previous day.
The price increase of Solana meme currencies is mainly related to two factors: the overall upward trend in the crypto market and the significant whale accumulations. On-chain stats for the coin, however, highlight even more market excitement for these tokens.
The volume of derivatives increased by 152.25%, while MEW’s open interest increased by 84.33%. Open interest in SLERF increased by 49.42%, and derivatives volume increased by 165.08% concurrently. All of these highlighted increased investor interest in these assets and strengthened the upward trend in the market for meme coins.
