Memecoins
Solana’s Maneki Coin Rises as Whales Plunge into Memecoin Frenzy
The price of Solana native cat coin, Maneki, has soared 83% over the past week. Amid this surge, the address “4pV17t”, believed to be associated with @wintermute_t, made a large purchase, spending $2,000 SOL (approximately $337,000) to buy Maneki at $0.0098 today .
We noticed that the address “4pV17t” suspected of being @hivermute_t“I spent 2K $ SOL($337,000) to purchase $MANÉKI at $0.0098 today.
“4pV17t” spent 1.3K $ SOL($201,000) to purchase $ michi 8 days ago, and $ michi has become a popular memecoin over the past week.https://t.co/MEohpgZEHL pic.twitter.com/0f7kcOdFcA
– Lookonchain (@lookonchain) May 18, 2024
This is not the first notable investment of “4pV17t”. Just eight days ago, the same address spent $1,300SOL (around $201,000) to acquire Michi, another memecoin this has recently gained popularity.
This trend continued with another trader investing $1,000 SOL ($162,000) in Michi just 14 hours ago.
Investing in Michi has proven lucrative for some. One trader, in particular, made substantial profits from his memecoin trades.
This trader earned $7,101 SOL (valued at $1.19 million) from Michi, $4,578 ($769,000) from Boden, and $3,867 ($650,000) from Popcat. Despite the high returns of these specific coins, the overall trader success rate in the memecoin market is relatively low.
A trader spent 1K $ SOL($162,000) to purchase $ michi again 14 hours ago.
This trader made 7,101 $ SOL($1.19 million) on $ michi4,578 $ SOL($769,000) on $bodenand 3,867 $ SOL($650,000) on $POPCAT.
But this trader lost money on many #MEMECoins.
He traded a total of 20 #MEMECoinsof which only 4… pic.twitter.com/nvqVNiNR9q
– Lookonchain (@lookonchain) May 17, 2024
Other notable whale activity to watch out for as it involves 20 other different Memecoins
The trader engaged in trading a total of 20 different memecoins, finding profitability in only four of them. This translates to a win rate of only 20%. However, the total profit on all trades is significant, amounting to $5,394.5 SOL, or approximately $906,000.
The memecoin market on Solana remains very volatile, with large gains and losses occurring quickly. As whales continue to make large trades, market movements reflect their considerable influence.
Recent activity around Maneki, Michi and other memecoins highlights the speculative nature of these investments.
Although some traders are making remarkable profits, the overall success rate highlights the risks inherent in the memecoin industry. Investors are advised to proceed with caution, given the unpredictable fluctuations in this segment of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
Follow us on twitter @nulltxnews to stay up to date with the latest Crypto, NFT, AI, cybersecurity, distributed computing and Metaverse News!
Image source: peshkov/123RF // Image effects by Colorcinch