Meme coin trading on the Solana network has exploded over the last year, with the likes of BONK, Dogwifhat, and POPCAT going from below $1 million to over $1 billion in market cap. There have been other successful coins as well running into the hundreds of millions in market cap. However, one meme coin is standing out currently after a Dogwifhat whale completed a massive $2.4 million purchase that triggered a surge in the price.
Solana Trader Puts $2.4 Million Into MUMU The Bull
MUMU The Bull is another Solana meme coin that has been slowly making its way toward the $100 million market cap level. It finally reached $100 million this week, which is when fear of missing out (FOMO) seems to have set in for some investors.
On Thursday, the on-chain data tracker for the Solana network, SolanaFloor, reported a massive buy into this meme coin with majority of its trading volume on decentralized exchanges (DEXes). The Solana trader had bought approximately $2.4 million worth of the meme coin in a single transaction.
As a result of the buy, the MUMU The Bull meme coin saw a massive price wick that sent its market cap to $820 million in a matter of seconds. Naturally, the price has since retraced to its regular level, but one interesting fact that has captured investors is what coins were swapped for MUMU The Bull.
According to on-chain data, the Solana trader was holding almost $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 MUMU The Bull The Next Dogwifhat?
The whale’s $2.4 million buy into MUMU The Bull has led to comparisons to Dogwifhat, given that a similar event happened in the early days of WIF. Back in January 2024, when the Dogwifhat price was taking off, there was a massive $8.6 million buy that saw the price of the meme coin almost triple in seconds.
At the time, the buy drew criticism from the Solana community, with many believing that the whale had made a bad investment. However, the Dogwifhat market cap rose to the billions, making the Solana trader tens of millions in profit.
Given the performance of Dogwifhat, anticipation for MUMU The Bull filling the wick created by the $2.4 million buy has risen. Community member @cheatcoiner on X (formerly Twitter), echoed this sentiment, saying, “Time to fill the wick now, you can’t stop the bull.”
Featured image created with Dall.E, chart from Tradingview.com
