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.

Solana and Meme Coins Surging, But PELF Deployer Is Dumping

Solana prices have surged over the past month, reaching new all-time highs. 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. Together, they are valued at $2.3 billion, outpacing several other meme coins in the broader crypto market.

Popcat, for instance, trades above $0.0007 and is up nearly 11% in the past day. The meme coin, named after a viral video of a collective clicking game featuring a Maneki-neko cat, crossed the $1 billion market cap on October 14.

However, as 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. The deployer, after receiving the meme coin for 82 SOL and later another 39.13 million PELF, has sold 3.2 million PELF.

At spot rates, the address currently owns over $7.8 million worth of PELF. Notably, the deployer initially received 247 million PELF for 82 SOL, valued at 12,516 at the time of the airdrop.

While the analysis shows the deployer might have sold 3.2 million PELF, on-chain data suggests they could have sold more tokens through other addresses that aren’t easily tracked.

Usually, any liquidation by a whale is considered bearish and might significantly influence price action. Retail traders, especially those interested in meme coins, often closely monitor the accounts of known whales.

If they choose to sell, moving tokens to a DEX, speculators will also look to sell before prices tank. But, in this case, the deployer might be able to sell more tokens without being easily detected.

PELF Surges, But Can Buyers Push It Higher?

PELF, like several other meme coins, has surged over the past month. 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.

Solana Meme Coins Cross $10 Billion Valuation

Solana meme coins have surged in valuation over the past few months. Notably, 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 meme coin. However, DogWifHat, Bonk, and Popcat are now among the top 10, flipping Floki, Neiro on Ethereum and Brett.

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