Crypto prices print higher. Bitcoin, for example, broke above $66,000 before cooling off earlier today. As the most valuable coin in the world, Solana and its meme coins are trending high. According to Coingecko, SOL is trading above $150, adding about 7% in the last trading week.
Meme Coins Rise But PELF Deployer Dumping
Solana’s promotion has seen other tokens in the ecosystem benefit greatly. Among many, Solana-based meme coins continue to rise. According to Coingecko, three Solana meme coins, including Popcat and DogWifHat, now command a market cap of more than $1 billion.
While investors are closely tracking the performance of Popcat, the first cat-themed meme coin to surpass the $1 billion mark, some whales are losing steam in the current bull run. Another analyst, citing Nansen data, observes that the sender of PELF, the meme coin in Solana, is loading.
Initially, the developer received 247 million PELF for 82 SOLs worth $12,516. Later, 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 that the developer may issue additional tokens through other anonymous addresses, the whale currently owns more than $7.8 million in PELF in real terms.
In general, any completion of a whale is considered bearish and may have a significant impact on price action. Retailers, some interested in meme coins, tend to carefully monitor the accounts of known whales, including watchdogs. If they choose to sell, to move tokens to the DEX, speculators will also look to sell before the price tanks.
Will Boosting Demand Drive Crypto Sentiment?
PELF remains in an uptrend, given the formation on the daily chart. The token has risen nearly 300% since September lows. However, PELF is within a wide range and is declining from its March 2024 peak.
If buyers are to rule, there should be confirmation of earnings on October 14. If so, PELF could break above $0.0008101, down from Q3 2024 lows.
Improving crypto sentiment can elevate meme coins, driving them to new heights. As of October 15th, the total market cap of Solana meme coins exceeds $10.9 billion.
Interestingly, they continue to grow from strength to strength, looking at the number of Solana meme coins breaking into the top 10. According to Coingecko, Dogecoin is still very valuable. However, DogWifHat, Bonk, and Popcat are now in the top 10, replacing Floki, Neiro in Ethereum and Brett.
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