Outside Source
TL;DR
- One meme coin stands out with a nearly 100% increase in its value, pushing its market capitalization past $500 million and making it the 12th largest in its category.
- The asset’s significant price surge coincides with increased purchases by whales.
MEW’s Impressive Ascent
The cryptocurrency market suffered a massive pullback in the past few days, with leading digital assets such as Bitcoin (BTC) and Ethereum (ETH) dropping to multi-week lows. The meme coin sector was particularly harmed, with Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), Pepe (PEPE), and many others nosediving by double digits on a weekly scale.
The situation looks much better today (April 15). The market capitalization of the meme coin niche is inching towards the $55 billion mark, while most leading tokens are well in the green. One Solana-based meme coin, though, leads the pack with a daily increase of almost 100%, and its name is Cat in a Dogs World (MEW).
The asset’s market capitalization surpassed the $500 million mark, making it the 12th biggest in the meme coin realm.
Whales on the Move
Another meme coin that has experienced a substantial revival today is SLERF (which is also built on the Solana blockchain). Its price is up around 37%, whereas its market capitalization exceeded $200 million.
The impressive jump of MEW and SLERF coincides with increased whale activity. According to Lookonchain, large investors purchased significant amounts of the assets during the latest market crash.
One whale withdrew over $1.5 million from Binance to purchase almost 480 million MEW tokens at an average price of $0.0032, while another bought 4 million SLERF coins, spending approximately $1.3 million.
Dealing with meme coins and selling the stash at the right time could result in multi-million profits. However, traders should also keep in mind the notorious volatility of the asset class, which may result in crucial losses. If you are about to hop on the bandwagon, please check our dedicated video below to avoid some common mistakes:
This article first appeared at CryptoPotato
