In a thrilling plot twist, Solana meme coins appear to be making waves across the cryptocurrency sector as they magnetized massive whales into buying amidst the broader crypto market’s rebound. On-chain insights floating over the crypto horizon illustrated nearly 500 million MEW and 4 million SLERF accumulated by whales from Binance in the past 24 hours. This echoed a frenzy among crypto market traders and investors globally, birthing speculations surrounding the tokens’ future price action.
According to the insights revealed by LookonChain, a blockchain analytics platform, as the broader crypto market shows signs of recovery, two whales collectively withdrew nearly $3 million worth of Solana to buy MEW and SLERF in the past 24 hours.
Notably, the whale going by the address B3aTMg withdrew 10,438 SOL, worth $1.54 million, from Binance to buy 479.6 million MEW at an average price of $0.0032. Whereas the whale 2zWLX9 withdrew 8,561 SOL, worth $1.27 million, from Binance to buy 4 million SLERF at an average price of $0.317.
It’s worth noting that these accumulations gained significant traction across the broader crypto market as the abovementioned Solana meme coins aided traders in making millions promptly after their launch, noting massive gains. However, MEW & SLERF also witnessed price corrections recently, as weekly charts showcase a 5% and 6.30% dip in prices, respectively.
Nonetheless, aligning with today’s crypto market recovery, as the majority of the cryptos noted a pump, MEW and SLERF also noted substantial gains. The abovementioned whale accumulations further splashed a bullish tint on the Solana meme coins.
Also Read: Ethereum Price Up 7% As Whale Scoops $50 Million Worth of ETH from Binance
As of writing, the MEW (Cat in a Dogs World) token has gained 80.76% in the past 24 hours and is currently trading at $0.004289. Meanwhile, the SLERF token has gained 26.97% in the past 24 hours and is currently resting at $0.3765.
The surge in Solana meme coins’ prices primarily aligns with a couple of factors, encompassing the broader crypto market’s uptrend and the substantial whale accumulations. However, the token’s on-chain metrics further underscore market optimism for these tokens.
MEW’s open interest surged 84.33%, while derivatives volume rocketed 152.25%. SLERF’s open interest rallied 49.42%, accompanied by a derivatives volume upswing of 165.08%. This collectively underlined heightened investor interest in these assets, further cementing the meme coins’ market uptrend.
Also Read: Market Retreat Sees $440M Decrease in Solana OI, Prices Rally 11%
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