Cryptopricesareprintinghigher.Bitcoin,forexample,brokeabove$66,000beforecoolingoffearliertoday.Liketheworld’smostvaluablecoin,Solanaanditsmemecoinsaretrendinghigher.AccordingtoCoingecko,SOLtradesabove$150,addingnearly7%intheprevioustradingweek.
MemeCoinsSoaringButPELFDeployerDumping
Thelift-offinSolanahasseensomeofitsecosystemtokensmassivelybenefit.Amongthemany,Solana-basedmemecoinscontinuetoriphigher.AccordingtoCoingecko,threeSolanamemecoins,includingPopcatandDogWifHat,nowcommandamarketcapabove$1billion.
WhileinvestorsarecloselytrackingtheperformanceofPopcat,thefirstcat-themedmemecointobreakabovethe$1billionlevel,somewhalesarefadingthecurrentbullrun.Oneanalyst,citingNansendata,observesthatthedeployerofthePELF,amemecoinonSolana,isoffloading.
Initially,thedeployerreceived247millionPELFfor82SOLworth$12,516.Later,theaddressesreceivedanother39.13millionPELF.Accordingtoon-chaindata,theaddresshassold3.2millionPELFfor662SOL.
Althoughanalystsbelievethedeployermighthaveoffloadedmoretokensthroughotherunknownaddresses,thewhalecurrentlyownsover$7.8millionworthofPELFatspotrates.
Usually,anyliquidationbyawhaleisconsideredbearishandmightsignificantlyinfluencepriceaction.Retailtraders,someinterestedinmemecoins,oftencloselymonitortheaccountsofknownwhales,includingdeployers.Iftheychoosetosell,movingtokenstoaDEX,speculatorswillalsolooktosellbeforepricestank.
WillImprovingCryptoSentimentDriveDemand?
PELFremainsinanuptrend,judgingbytheformationinthedailychart.Thetokenisupnearly300%fromSeptemberlows.However,PELFisinsideabroaderrangeanddownfromitsMarch2024highs.
Ifbuyersaretotakecharge,theremustbeaconfirmationofOctober14gains.Inthatcase,PELFcouldbreakabove$0.0008101,bottomingoutfromQ32024lows.
Improvingcryptosentimentcouldliftmemecoins,drivingthemtonewvaluations.AsofOctober15,thetotalmarketcapofSolanamemecoinsexceeds$10.9billion.
Interestingly,theycontinuetogrowinstrength,lookingatthenumberofSolanamemecoinsbreakingintothetop10.AccordingtoCoingecko,Dogecoinisstillthemostvaluable.However,DogWifHat,Bonk,andPopcatarenowamongthetop10,flippingFloki,NeiroonEthereumandBrett.
FeatureimagefromiStock,chartfromTradingView
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