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. According to Coingecko, three Solana meme coins, including Popcat and DogWifHat, now command a market cap above $1 billion.

While 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.

Initially, the deployer 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 has sold 3.2 million PELF for 662 SOL.

Although analysts believe the deployer might have offloaded more tokens through other unknown addresses, the whale currently owns over $7.8 million worth of PELF at spot rates.

Usually, any liquidation by a whale is considered bearish and might significantly influence price action. Retail traders, some interested in meme coins, often closely monitor the accounts of known whales, including deployers. If they choose to sell, moving tokens to a DEX, speculators will also look to sell before prices tank.

Will Improving Crypto Sentiment Drive Demand?

PELF remains in an uptrend, judging by the formation in the daily chart. 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.

Improving crypto sentiment could lift meme coins, driving them to new valuations. As of October 15, the total market cap of Solana meme coins exceeds $10.9 billion.

Interestingly, 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. However, DogWifHat, Bonk, and Popcat are now among the top 10, flipping Floki, Neiro on Ethereum and Brett.

 Meme Coin Trader Misses A $25 Million Payout

In the past week, eyes have been on Sui Network, a modern blockchain that claims to process over 50,000 transactions every second (TPS) and is faster than Solana. The spike in activity results from the success of what’s arguably one of the largest meme coins in its ecosystem.

After launching nearly six days ago, Sudeng (HIPPO) is on fire, posting impressive higher highs. The surge over this time has pushed HIPPO’s market cap and, thus liquidity, higher, looking at swaps at Sui Network‘s decentralized exchange, Cetus 4.

Changing hands at over $0.010 means traders who got in early, choosing to HODL on and not getting concerned with the sell-off across major markets like Bitcoin could be neck-dip in profits. According to trackers, one meme coin trader is regretting after exiting early, dumping HIPPO for a small profit.

On launch, the trader sold 258 SUI, worth around $433, for 1.8 billion HIPPO. This is nearly 20% of the total supply standing at 10 billion. However, the trader chose to sell all this stash for 6,299 SUI days later, racking in nearly $11,000.

The problem is, if the trader had chosen to wait, even for another 36 hours, it would have turned out to be major gains. As of October 4, the 1.8 billion HIPPO, is now worth over $25 million.

The premature decision to sell is proving costly and is a missed opportunity. All the same, the trader shouldn’t be blamed. The $11,000 earned represents a more than 200X gain.

Moreover, even if the trader would have held on, becoming a diamond hand and waiting for prices to rally, it would have been tough for the trader to exit all at once.

HIPPO Concentration A Concern: Will The Sudeng Pump?

HIPPO is not very liquid, and looking at ownership from SuiScan, one address controls over 7.6 billion tokens, which is more than 76% of the total supply.

If the trader held on, the address would be the second largest. Any attempt to sell would force prices lower, triggering panic as other holders scramble to the exits.

Currently, traders will be closely monitoring how HIPPO performs. As a meme coin, much depends on hype and whether there is a fear of missing out (FOMO). If that’s the case, the meme coin will float higher, outperforming SUI, which is also relatively firm.

MooDeng Trader Turns $800 To $1.3 Million

According to Arkham, a blockchain intelligence platform, the trader, who got in early, scooping $800 worth of MooDeng, a meme coin in Solana, has seen the investment swell to over $1.3 million roughly two weeks after buying.  

Related Reading: Analyst Warns Of Short Squeeze as Bitcoin Futures Market Heats Up

The address, also the largest holder of the MoonDeng meme coin, had already seen the initial investment soar by over 500X by September 17, rising to nearly $400,000. However, a week later, that same investment is up, rising to $1.3 million on September 24.

A glance at MooDeng’s price action shows that the token is inching higher. Notably, this superb performance coincides with a sharp change in fundamental factors following the interest cut by the United States Federal Reserve.

Following the 50 basis point reduction, Ethereum, Solana, and Bitcoin have been firm, shaking off weakness. Specifically, the revival of Solana prices from September lows has been a reprieve for some of its ecosystem tokens, especially meme coins.

Solana Meme Coin Ecosystem Recovering

Over the last week, Solana has added nearly 11%, according to Coingecko data. The expansion has also seen the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours.

Out of this, DogWifHat (WIF) is the largest meme coin on Solana, commanding a market cap of over $1.8 billion. However, the only other meme coin on this network with a market cap exceeding $1 billion is Bonk, at $1.2 billion.

Interestingly, scanning through the top 50 meme coins on Solana, MooDeng, despite its performance, doesn’t feature. Currently, looking at Coingecko, MooDeng is up 48% over the last day, attracting a 24-hour trading volume of over $29.4 million.

Gecko Terminal data shows over 9,800 holders, and each token is changing hands at around $0.06, translating to over $63 million in market cap. Even with the uptick in trading volume and prices, MooDeng is mostly traded on Raydium, a DEX on Solana.

NEIRO Surging After Binance Listing

According to trackers, NEIRO is up 109% over the last day, increasing due to rising trading volume. Technically, the underlying momentum is strong whenever a combination of rising prices and engagement occurs. For this reason, some hints suggest that NEIRO has more ground to cover, and early investors should be preparing for even more gains.

While the hype around NEIRO is a big factor explaining the uptick in engagement and price, the resulting fear of missing out (FOMO) was initially initiated by the listing on Binance on September 16.

According to Binance, the world’s largest exchange by trader count, NEIRO, together with two other meme coins, TURBO and BABYDOGE, started trading on September 16. Yesterday, on September 17, traders began withdrawing the token.

Even before listing, the meme coin was one of the top performers, expanding triple digits as excitement built up. Less than 48 hours later, traders are looking to double down, FOMOing on the meme coin, to ride the trend.

Trader Makes Millions As Whale Accumulates

Out of this sharp leg out, analysts point out that some early traders were heavily rewarded. Arkham data on September 16 shows that one trader, only identified as “0x6ac”, turned a $16,500 investment into over $1.8 million from getting in early before the listing.

The address, analyst note, began accumulating large amounts of NEIRO after the token launched. Instead of being shaken out by market conditions, the address continued until the Binance listing before cashing out.

Amid this development, trackers are also picking out interesting developments. Whales and social media influencers are also accumulating the meme coin.

On-chain movements reveal that one influencer, @BitCloutCat, has been buying the token after the Binance listing. As of September 17, the influencer was in the money, up over $808,000 in profits. Meanwhile, another whale bought 4.67 billion NEIRO worth over $1.3 million, fanning demand.