Lately, heightened actions have brought a whale within the Solana blockchain network into focus, igniting discussions about the potential future of meme coins in this system. As per Spot On Chain’s report, an account labeled “DWhUa” is said to have made a massive investment, buying approximately $18.57 million worth of four popular meme tokens over the past few hours.
The subject tokens under discussion – WIF, POPCAT, FWOG, and michi – have all experienced substantial growth in the past. Notably, WIF and POPCAT attained market caps worth billions of dollars at one point. On the other hand, although smaller, FWOG and michi also experienced remarkable increases, peaking at a value of around $500 million each.
Large amounts of popular meme tokens are being amassed on the Solana network! In the last 14 hours, the whale account “DWhUa” is said to have bought a total of $18.57 million worth of four different meme coins from Binance and decentralized exchanges (DEX). Here’s the breakdown:
– Approximately 7.249 million WIF tokens worth around $13.3 million
– Nearly 5.77 million Popcat tokens valued at approximately $3.82 million
– Almost 4.57 million FWOG tokens worth about $980,000
– Over 3.9 million Michi tokens valued at roughly $470,000These significant purchases have been made over the past 14 hours.
— Spot On Chain (@spotonchain) January 8, 2025
Following these substantial transactions, the digital tokens were moved to a freshly created wallet named “D2Noa”, an action that has sparked curiosity and conjecture about the motives of this cryptocurrency ‘whale’.
State of meme coins in 2025
As an analyst, I must admit that meme coins, which garnered significant attention throughout 2024, seemed to start the New Year 2025 with a hint of waning enthusiasm surrounding them.
The introduction of multiple “fair launch” platforms allowed countless new meme cryptocurrencies to be launched, which in turn led to an overwhelming abundance of options within the crypto market. This excess supply of choices drew away focus from other segments of the market, as it turned into a cutthroat competition, primarily consisting of flipping these coins for quick profits. Unfortunately, 99% of these meme coins eventually lost their appeal.
On the other hand, these digital currencies based on memes are often referred to as well-established in the Solana network. At certain points, WIF and POPCAT amassed billions in market capitalization, while michi and FWOG soared to a value of up to $500 million each.
Does this whale know something others do not? That remains an open question.
In other words, this action suggests that these successful and popular meme cryptocurrencies could potentially experience another surge in value.
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2025-01-08 19:34