Solana Meme Coins: Whales Buying Millions of MEW & SLERF

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In an unexpected turn of events, Solana meme coins have gained significant attention in the cryptocurrency world. Large investors, or “whales,” have been drawn to these coins during the broader crypto market recovery. According to on-chain data, whales from Binance have amassed nearly 500 million MEW and 4 million SLERF in the last 24 hours. This development has sparked excitement among traders and investors worldwide, leading to speculation about the future price movements of these tokens.

Whales Buying MEW & SLERF Amid Market Rebound

Based on information from LookonChain, a tracking platform for blockchains, it appears that two large investors, referred to as “whales,” removed approximately $3 million in Solana during the recent uptick in the cryptocurrency market. Subsequently, they purchased MEW and SLERF using this amount within the last 24 hours.

Significantly, a whale identified as B3aTMg drew out 10,438 Solana tokens, equivalent to approximately $1.54 million, from Binance for purchasing 479.6 million MEW at an average price of $0.0032 each. On the other hand, whale 2zWLX9 extracted 8,561 Solana tokens, worth around $1.27 million, from Binance to acquire a total of 4 million SLERF tokens at an average cost of $0.317 per token.

During the market rebound, whales bought $MEW and $SLERF.
B3aTMg took out 10,438 dollars worth of Solana (approximate value: $1.54 million) from Binance to purchase around 479.6 million Megaworld Tokens at an average price of $0.0032 each.
2zWLX9 withdrew 8,561 $SOL($1.27M) from #Binance to buy 4M $SLERF at an average price of…
— Lookonchain (@lookonchain) April 15, 2024

Noteworthy is the fact that these amassed assets saw considerable growth throughout the crypto market after the launch of the Solana meme coins mentioned above, resulting in substantial profits for traders. However, MetaMask and Shibburn have experienced price decreases as their weekly charts display a 5% and 6.30% reduction in prices respectively.

Despite the crypto market bouncing back today, MEW and SLERF experienced significant increases in value, just like many other cryptocurrencies. Moreover, the large-scale acquisitions of these coins by whales added to the sense of optimism surrounding Solana’s meme coins.

MEW & SLERF Prices Rally

At present, the MEW (Cat in a Dogs World) token has experienced a growth of 80.76% over the last 24 hours and is priced at $0.004289. Simultaneously, the SLERF token has risen by 26.97% within the same timeframe and is now worth $0.3765.

The prices of Solana meme coins have seen a significant increase recently, which can be attributed to a few key reasons. These include the overall rise in the cryptocurrency market and large purchases by wealthy investors, known as whales. Additionally, data from the tokens’ blockchain activity suggests that there is growing enthusiasm among traders for these coins.

The open interest of MEW grew by 84.33% and its derivatives volume increased by 152.25%. Similarly, SLERF experienced a 49.42% increase in open interest and a significant surge of 165.08% in derivatives volume. These figures highlight the significant investor attention towards these assets, fueling the ongoing bullish trend for meme coins.

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2024-04-15 08:51