Join the Rise of MEW
Recently, the crypto market saw a significant downturn, with major cryptocurrencies like Bitcoin and Ethereum plummeting to their lowest levels in weeks. This decline also impacted meme coins, including Dogecoin, Shiba Inu, dogwifhat, Pepe, and others, which experienced double-digit losses over the week.
However, the situation has improved, especially for meme coins, as the market cap for this sector approaches $55 billion. MEW, a meme coin built on the Solana blockchain, has emerged as a standout performer with a remarkable daily surge of close to 100%, propelling its market cap beyond $500 million, and securing the 12th spot among meme coins.
Surge in Whale Activity
Another Solana-based meme coin, SLERF, has also witnessed a significant resurgence, with its price increasing by approximately 37% and its market cap surpassing $200 million. The impressive performance of both MEW and SLERF coincides with a notable uptick in whale activity within the market.
Large Investor Purchases
- According to Lookonchain, prominent investors have been actively purchasing MEW and SLERF during the recent market downturn.
- One whale withdrew over $1.5 million from Binance to acquire nearly 480 million MEW tokens at an average price of $0.0032.
- Another investor bought 4 million SLERF coins, amounting to around $1.3 million in total.
While engaging in meme coin trading can potentially yield substantial profits, it is crucial to be aware of the inherent volatility of this asset class, which can lead to significant losses. If you are considering investing in meme coins, it is advisable to watch our informative video to avoid common pitfalls.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.