Altcoin

Solana Whales Shift Focus From BOME To New Meme Coin MEW

Published

10 months ago

March 26, 2024

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In a dynamic turn of events within the meme coin sector, the spotlight has shifted towards a new contender named cat in a dogs world (MEW), as Solana whales divert their attention from the once-popular Book Of Meme (BOME). Notably, the rising popularity of MEW is witnessed by its remarkable surge of approximately 60% in its price, signaling a significant shift in market sentiment towards meme coins.

MEW Emerges as a Focal Point for Solana Whales

The popular meme coin, MEW has noted significant traction in the crypto market today, as evidenced by the surge in its price. Notably, the jump in its price comes amid a spike in interest in the meme coin sector recently.

Meanwhile, the recent market activity indicates a notable shift in focus among Solana whales, with a surge in interest towards MEW at the expense of other meme coins like BOME. According to insights shared by on-chain data provider Lookonchain, a trader made a substantial investment of 5,490 Solana (SOL), equivalent to around $1.07 million, to acquire 10.8% of MEW’s total supply.

Meanwhile, the data showed that the Solana whale has purchased around 9.6 billion MEW. Notably, this move has positioned the trader as the largest holder of the new meme coin, with unrealized profits exceeding $20 million.

Considering that, it seems like the surge in MEW’s price has attracted significant attention, particularly as whales reallocate their investments from BOME to MEW. Another noteworthy transaction highlighted by Lookonchain involves a trader who turned an investment of $35,000 into a staggering $8.9 million within a span of two hours.

This Solana trader purchased 4.41 billion MEW tokens using 178.2 SOL, resulting in an unrealized profit of approximately $8.89 million, marking a gain of 255x.

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Price & Performance Amid Shifting Market Trends

The recent market activities revolving around the MEW crypto underscore the rapidly evolving landscape of meme coins within the crypto market, with the meme coin emerging as a new focal point for investors and traders alike. Besides, the surge in the crypto’s price not only reflects growing confidence in the meme coin sector but also signifies changing preferences among Solana whales seeking lucrative investment opportunities.

With the rise of this new crypto and the shifting dynamics within the meme coin space, investors are closely monitoring market trends to capitalize on emerging opportunities. As Solana whales pivot towards MEW, it remains to be seen how this newfound interest will impact the broader cryptocurrency market and whether MEW will sustain its momentum amidst intensifying 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 over the last 24 hours. On the other hand, the BOME price rose only 2.76% and traded at $0.01416 at the same time.