In an exciting plot twist, Solana meme cash seem like making waves throughout the cryptocurrency sector as they magnetized huge whales into shopping for amidst the broader crypto market’s rebound. On-chain insights floating over the crypto horizon illustrated almost 500 million MEW and 4 million SLERF collected by whales from Binance previously 24 hours. This echoed a frenzy amongst crypto market merchants and traders globally, birthing speculations surrounding the tokens’ future value motion.
Whales Buying MEW & SLERF Amid Market Rebound
According to the insights revealed by LookonChain, a blockchain analytics platform, because the broader crypto market exhibits indicators of restoration, two whales collectively withdrew almost $3 million value of Solana to purchase MEW and SLERF previously 24 hours.
Notably, the whale going by the tackle B3aTMg withdrew 10,438 SOL, value $1.54 million, from Binance to purchase 479.6 million MEW at a median value of $0.0032. Whereas the whale 2zWLX9 withdrew 8,561 SOL, value $1.27 million, from Binance to purchase 4 million SLERF at a median value of $0.317.
During the market rebound, whales purchased $MEW and $SLERF.
B3aTMg withdrew 10,438 $SOL($1.54M) from #Binance to purchase 479.6M $MEW at a median value of $0.0032.https://t.co/K32EUy5cF8
2zWLX9 withdrew 8,561 $SOL($1.27M) from #Binance to purchase 4M $SLERF at a median value of… pic.twitter.com/qeIWdDTyGt
— Lookonchain (@lookonchain) April 15, 2024
It’s value noting that these accumulations gained vital traction throughout the broader crypto market because the abovementioned Solana meme coins aided merchants in making hundreds of thousands promptly after their launch, noting huge good points. However, MEW & SLERF additionally witnessed value corrections just lately, as weekly charts showcase a 5% and 6.30% dip in costs, respectively.
Nonetheless, aligning with at the moment’s crypto market restoration, as the bulk of the cryptos famous a pump, MEW and SLERF additionally famous substantial good points. The abovementioned whale accumulations additional splashed a bullish tint on the Solana meme cash.
Also Read: Ethereum Price Up 7% As Whale Scoops $50 Million Worth of ETH from Binance
MEW & SLERF Prices Rally
As of writing, the MEW (Cat in a Dogs World) token has gained 80.76% previously 24 hours and is at the moment buying and selling at $0.004289. Meanwhile, the SLERF token has gained 26.97% previously 24 hours and is at the moment resting at $0.3765.
The surge in Solana meme cash’ costs primarily aligns with a pair of elements, encompassing the broader crypto market’s uptrend and the substantial whale accumulations. However, the token’s on-chain metrics additional underscore market optimism for these tokens.
MEW’s open curiosity surged 84.33%, whereas derivatives quantity rocketed 152.25%. SLERF’s open curiosity rallied 49.42%, accompanied by a derivatives quantity upswing of 165.08%. This collectively underlined heightened investor curiosity in these property, additional cementing the meme cash’ market uptrend.
Also Read: Market Retreat Sees $440M Decrease in Solana OI, Prices Rally 11%
The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
