Solana Meme Coins Rising But Is This Deployer Dumping On Degens?
2024年10月16日 - 8:00AM
NEWSBTC
Crypto prices are printing higher. Bitcoin, for example, broke
above $66,000 before cooling off earlier today. Like the world’s
most valuable coin, Solana and its meme coins are trending higher.
According to Coingecko, SOL trades above $150, adding nearly 7% in
the previous trading week. Meme Coins Soaring But PELF Deployer
Dumping The lift-off in Solana has seen some of its ecosystem
tokens massively benefit. Among the many, Solana-based meme coins
continue to rip higher. According to Coingecko, three Solana meme
coins, including Popcat and DogWifHat, now command a market cap
above $1 billion. Related Reading: SUI Records Substantial 120%
Price Surge, But Insider Selling Claims Raise Red Flags 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. Initially, the deployer received 247 million
PELF for 82 SOL worth $12,516. Later, the addresses received
another 39.13 million PELF. According to on-chain data, the address
has sold 3.2 million PELF for 662 SOL. Although analysts believe
the deployer might have offloaded more tokens through other unknown
addresses, the whale currently owns over $7.8 million worth of PELF
at spot rates. Usually, any liquidation by a whale is considered
bearish and might significantly influence price action. Retail
traders, some interested in meme coins, often closely monitor the
accounts of known whales, including deployers. If they choose to
sell, moving tokens to a DEX, speculators will also look to sell
before prices tank. Will Improving Crypto Sentiment Drive Demand?
PELF remains in an uptrend, judging by the formation in the daily
chart. The token is up nearly 300% from September lows. However,
PELF is inside a broader range and down from its March 2024 highs.
If buyers are to take charge, there must be a confirmation of
October 14 gains. In that case, PELF could break above $0.0008101,
bottoming out from Q3 2024 lows. Related Reading: Bitcoin’s Road To
$70,000? Analysts Set Next Targets As BTC Retests Key Levels
Improving crypto sentiment could lift meme coins, driving them to
new valuations. As of October 15, the total market cap of Solana
meme coins exceeds $10.9 billion. Interestingly, they continue to
grow in strength, looking at the number of Solana meme coins
breaking into the top 10. According to Coingecko, Dogecoin is still
the most valuable. However, DogWifHat, Bonk, and Popcat are now
among the top 10, flipping Floki, Neiro on Ethereum and Brett.
Feature image from iStock, chart from TradingView
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