Cryptocurrency prices print higher. For example, Bitcoin topped $66,000 before calming down earlier today. As the most valuable currency in the world, Solana and its coins are trending higher. according to KoenjikuSOL is trading above $150, adding nearly 7% in the previous trading week.
Meme Coins Rise But PELF Deployer Takes Back
The launch on Solana saw some of its ecosystem tokens being leveraged heavily. Among the many meme coins based on Solana, it continues to rise. According to Coingecko, three Solana meme coins, including Popcat and DogWifHat, now have a market capitalization exceeding $1 billion.
While investors are closely tracking the performance of Popcat, the first cat-themed meme coin to cross the $1 billion mark, some whales are fading the current bullish trend. One of the analysts Quoted from Nansen Data notes that the PELF propagator, a meme token on Solana, is being unloaded.
Initially, the publisher 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 title was sold for 3.2 million PELF for 662 SOL.
Although analysts believe the publisher may have offloaded more tokens through other unknown titles, the whale currently holds over $7.8 million worth of PELF at spot prices.
Typically, any liquidation by a Pisces is considered bearish and may significantly impact the price movement. Retail traders, some of whom are interested in meme coins, often keep a close eye on the accounts of well-known whales, including publishers. If they choose to sell, and move the tokens to the DEX, speculators will also look to sell before prices drop.
Will improving cryptocurrency sentiment lead to increased demand?
PELF remains in an uptrend, judging by the formation on the daily chart. The token is up nearly 300% from its September lows. However, PELF is within a wider range and below the March 2024 highs.
If buyers are to take responsibility, there needs to be confirmation of the October 14th gains. In this case, PELF could exceed $0.0008101, hitting its lowest levels in the third quarter of 2024.
Improving cryptocurrency sentiment can lift meme coins, pushing them to new valuations. As of October 15, the total market cap of Solana meme coins has exceeded $10.9 billion.
Interestingly, they continue to grow in strength, considering the number of Solana meme coins that broke into the top ten. KoenjikuDogecoin is still the most valuable. However, DogWifHat, Bonk, and Popcat are now in the top ten, upending Floki and Neiro over Ethereum and Brett.
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