Crypto prices are pushed higher. Bitcoin, for example, broke above $66,000 before cooling off earlier today. Like the world’s most valuable coin, Solana and its meme coins have become increasingly popular. According to CoingeckoSOL is trading above $150, marking an increase of almost 7% over the previous trading week.
Meme Coins Soar, But PELF Deployer Dumps
The Solana launch has seen some of its ecosystem tokens benefit immensely. Among the many Solana-based meme coins, they continue to rip higher. According to Coingecko, three Solana meme coins, including Popcat and DogWifHat, now have a market capitalization of more than $1 billion.
As investors closely monitor the performance of Popcat, the first cat-themed meme coin to soar above the $1 billion mark, some whales are fading the current bull run. One analyst, quote Nansen data notes that the implementer of the PELF, a meme coin on Solana, is unloading.
Initially, the operator received 247 million PELF for 82 SOL worth $12,516. Later, the addresses received another 39.13 million PELF. According to on-chain data, the address sold 3.2 million PELF for 662 SOL.
Although analysts believe the operator may have sent more tokens through other unknown addresses, the whale currently owns more than $7.8 million worth of PELF at spot rates.
Normally, any liquidation by a whale is considered bearish and can significantly impact the price action. Retailers, some of whom are interested in meme coins, often keep a close eye on celebrity whale accounts, including their stakes. If they choose to sell, by moving tokens to a DEX, speculators will also try to sell before prices drop.
Will Improving Crypto Sentiment Boost Demand?
PELF remains in an uptrend judging by the formation on the daily chart. The token is up almost 300% from its September low. However, PELF is within a broader range and is lower than the March 2024 highs.
For buyers to take charge, there needs to be confirmation of October 14 gains. In that case, PELF could break above $0.0008101, bottoming out from the low in Q3 2024.
Improving crypto sentiment could lift meme coins, helping them soar to new valuations. As of October 15, the total market capitalization of Solana meme coins is over $10.9 billion.
Interestingly, they continue to grow in strength, if you look at the number of Solana meme coins that penetrate the top 10. CoingeckoDogecoin is still the most valuable. However, DogWifHat, Bonk and Popcat are now among the top 10, flipping Floki, Neiro on Ethereum and Brett.