As a seasoned researcher with years of experience in the ever-evolving crypto market, I find myself intrigued by the recent developments in the meme coin sector. The lift-off of Solana and its associated meme coins has been nothing short of remarkable, with tokens like Popcat and DogWifHat commanding a market cap above $1 billion each.
Cryptocurrency values are climbing upwards. For instance, Bitcoin surpassed $66,000 before a slight dip today, but it continues to rise like the world’s most valuable digital coin. Similarly, Solana and its meme coins are also experiencing an uptrend. As per Coingecko, Solana (SOL) is trading above $150, marking a 7% increase in the last week.
Meme Coins Soaring But PELF Deployer Dumping
The launch of Solana has brought significant gains to several tokens within its ecosystem. Notably, the meme coins associated with Solana have continued to surge in value. As per CoinGecko, three Solana meme coins, such as Popcat and DogWifHat, now boast market caps over $1 billion.
While investors are closely tracking the performance of Popcat, the first cat-themed meme coin to break above the $1 billion level, some whales are fading the current bull run. One analyst, citing Nansen data, observes that the deployer of the PELF, a meme coin on Solana, is offloading.
At first, the recipient obtained approximately 247 million PELF in exchange for 82 SOL valued at around $12,516. Subsequently, more PELF, totaling 39.13 million units, were sent to these addresses. Based on blockchain records, it appears that 3.2 million PELF from this address have since been sold for roughly 662 SOL.
Despite speculations that additional PELF tokens could’ve been transferred via unidentified accounts, it’s confirmed that this particular whale presently controls over 7.8 million dollars’ worth of PELF at current market prices.
Typically, when a large investor (often referred to as a “whale”) liquidates their holdings, it’s generally seen as bearish and can have a substantial impact on market dynamics. Many retail traders, including those who trade meme coins, frequently keep an eye on the activities of known whales, like deployers. If these big investors decide to sell their tokens and move them to a decentralized exchange (DEX), it often triggers speculators to follow suit, selling before prices drop.
Will Improving Crypto Sentiment Drive Demand?
It appears that PELF continues to climb based on its pattern in the daily graph. In fact, it has risen approximately 300% since its September low points. Yet, it’s essential to note that within a broader context, PELF is currently lower than its March 2024 peak values.
To ensure control by buyers, it’s crucial for the October 14 gains to be confirmed. If this happens, the PELF stock might surge beyond $0.0008101, marking a recovery from its Q3 2024 record lows.
As a market analyst, I’ve noticed that a positive shift in cryptocurrency sentiment can significantly boost the value of meme coins, such as those based on the Solana network. Currently, these Solana-based meme coins collectively hold a market capitalization of over $10.9 billion, as of October 15.
It’s worth noting that several Solana meme coins have been gaining traction, moving into the top 10 rankings. As per Coingecko, Dogecoin remains the most valuable coin. However, DogWifHat, Bonk, and Popcat have recently joined the elite group, displacing Floki, Neiro on Ethereum, and Brett in the process.
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2024-10-16 02:10