Solana whales shift focus to MEW from BOME, creating a spike in MEW’s price.
A Solana whale gained millions in profit by trading MEW.
The MEW price climbed roughly 60% today.
In a dynamic turn of events within the meme coin sector, the spotlight has turned towards a new rival titled Cat in a Dogs World (MEW), as Solana whales switch their attention from the once-popular Book Of Meme (BOME). Notably, the increased popularity of MEW is evidenced by its astonishing surge of nearly 60% in its price, signifying a substantial shift in market opinion towards meme currencies.
MEW Emerges as a Focal Point for Solana Whales
The famous meme coin, MEW, has noticed great momentum in the crypto market today, as indicated by the spike in its price. Notably, the boost in its price comes alongside a boom in interest in the meme coin industry recently.
Meanwhile, the recent market action indicates a dramatic shift of concentration among Solana whales, with a surge in interest towards MEW at the expense of other meme coins like BOME. According to insights supplied by on-chain data firm Lookonchain, a trader made a huge investment of 5,490 Solana (SOL), equivalent to about $1.07 million, to acquire 10.8% of MEW’s total supply.
Meanwhile, the statistics showed that the Solana whale had acquired roughly 9.6 billion MEW. Notably, this move has positioned the trader as the largest holder of the new meme coin, with unrealized profits reaching $20 million.
Considering that, the spike in MEW’s price has drawn major attention, particularly as whales reallocate their investments from BOME to MEW. Another outstanding transaction featured by Lookonchain concerns a trader who transformed an investment of $35,000 into an astounding $8.9 million within two hours.
This Solana trader purchased 4.41 billion MEW tokens using 178.2 SOL, generating an unrealized profit of about $8.89 million, marking a gain of 255x.
Price & Performance Amid Shifting Market Trends
The recent market activity centred around the MEW crypto emphasizes the quickly expanding environment of meme coins inside the crypto market, with the meme coin emerging as a new focal point for investors and traders alike. Besides, the spike in the crypto’s price demonstrates growing confidence in the meme coin sector and signifies changing choices among Solana whales seeking lucrative investment possibilities.
With the rise of this new crypto and the evolving dynamics within the meme coin ecosystem, investors are constantly tracking market trends to profit from potential opportunities. As Solana whales move towards cats in a dogs world, it needs to be seen how this sudden interest will affect the broader cryptocurrency market and whether MEW will continue its momentum amidst rising competition within the meme coin ecosystem.
However, as of writing, the MEW price was up 57.97% to $0.002799, with its trading volume at $1.39 million during the last 24 hours. On the other hand, the BOME price gained only 2.76% and traded at $0.01416 simultaneously.
