In a dynamic turn of events within the meme coin sector, the spotlight has shifted towards a new contender named cat in a dogs world (MEW), as Solana whales divert their attention from the once-popular Book Of Meme (BOME). Notably, the rising popularity of MEW is witnessed by its remarkable surge of approximately 60% in its price, signaling a significant shift in market sentiment towards meme coins.
MEW Emerges as a Focal Point for Solana Whales
The popular meme coin, MEW has noted significant traction in the crypto market today, as evidenced by the surge in its price. Notably, the jump in its price comes amid a spike in interest in the meme coin sector recently.
Meanwhile, the recent market activity indicates a notable shift in focus among Solana whales, with a surge in interest towards MEW at the expense of other meme coins like BOME. According to insights shared by on-chain data provider Lookonchain, a trader made a substantial investment of 5,490 Solana (SOL), equivalent to around $1.07 million, to acquire 10.8% of MEW’s total supply.
Meanwhile, the data showed that the Solana whale has purchased around 9.6 billion MEW. Notably, this move has positioned the trader as the largest holder of the new meme coin, with unrealized profits exceeding $20 million.
Considering that, it seems like the surge in MEW’s price has attracted significant attention, particularly as whales reallocate their investments from BOME to MEW. Another noteworthy transaction highlighted by Lookonchain involves a trader who turned an investment of $35,000 into a staggering $8.9 million within a span of two hours.
