Cryptocurrency trading on the Solana network has been booming over the past year, with coins like BONK, Dogwifhat, and POPCAT rising from under $1 million to over $1 billion in value. There have also been other successful cryptocurrencies with market caps in the hundreds of millions. However, one cryptocurrency stands out right now after the Dogwifhat whale completed a massive $2.4 million purchase, sending its price soaring.
A Solana trader deposited $2.4 million into MUMU The Bull
MUMU The Bull is another Solana meme coin that has been slowly making its way towards the $100 million market cap. It finally hit $100 million this week, a time when it seems that the fear of missing out (FOMO) has started to take hold for some investors.
On Thursday, the on-chain data tracker for the Solana network, SolanaFloor, was launched. Reported Massive buying of this meme coin with most of its trading volume on decentralized exchanges (DEXes). A Solana trader had Buyer About $2.4 million worth of meme coins in a single transaction.
As a result of the purchase, MUMU The Bull saw a massive price drop, sending its market cap to $820 million in a matter of seconds. Of course, the price has since returned to its usual level, but there is an interesting fact that caught the attention of investors: the coins that were swapped for MUMU The Bull.
According to on-chain data, the Solana trader held nearly $3 million worth of the Dogwifhat meme coin before the purchase, before swapping $2.4 million worth of WIF for MUMU The Bull. This automatically made the Solana trader the fourth-largest holder of the meme coin.
Is Momo the bull the next bitch?
The whale’s $2.4 million purchase of MUMU The Bull has drawn comparisons to Dogwifhat, given that a similar event occurred in the early days of WIF. In January 2024, when the price of Dogwifhat was on the rise, there was a massive $8.6 million purchase that saw the meme coin’s price nearly triple in seconds.
At the time, the purchase drew criticism from the Solana community, with many believing the whale had made a bad investment. However, Dogecoin’s market cap soared into the billions, earning the Solana trader tens of millions in profit.
Given Dogwifhat’s performance, anticipation has been high for MUMU The Bull to fill the fuse generated by the $2.4 million buyout. Community member @cheatcoiner on X (formerly Twitter) echoed this sentiment, say“Now it’s time to fill the fuse, you can’t stop the bull.”
Featured image created using Dall.E, chart from Tradingview.com