The market capitalization of $MEW, a meme coin built on the Solana blockchain, has soared above $600 million once again, currently standing at $611 million.

This surge represents a remarkable 280% increase in the past week alone, with a further 14% gain observed today.

Recent on-chain reports from Lookonchain highlight the activity of smart money entering the $MEW market. 

A new wallet has emerged, making substantial purchases of $MEW tokens by spending 6,000 $SOL, equivalent to $1.15 million, to acquire 181 million $MEW tokens in just the past few hours.

A smart money is buying $MEW with a new wallet, and has spent 6,000 $SOL($1.15M) to buy 181M $MEW in the past 2 hours.

This smart money spent 10K $SOL($1.91M) to buy 776,830 $WIF($3.18M) on Mar 20, with an unrealized profit of $1.27M.

He also made 4,893 $SOL($934K) on $SLERF.… pic.twitter.com/tSNP4lcywX

— Lookonchain (@lookonchain) April 2, 2024

Interestingly, this smart money investor has demonstrated a track record of successful investments. 

On March 20, they allocated 10,000 $SOL, valued at $1.91 million, to purchase 776,830 $WIF tokens, with a current market value of $3.18 million. This investment has already yielded an unrealized profit of $1.27 million.

More Trader’s Gain On Other Tokens On Solana Network  Aside $MEW

Additionally, the investor made gains in other cryptocurrency assets, such as earning 4,893 $SOL, equivalent to $934,000, from trading $SLERF tokens.

The influx of smart money into the $MEW market signals growing confidence and interest in the Solana-based meme coin. 

With significant investments being made and substantial profits realized in other ventures, investors are increasingly drawn to the potential opportunities presented by $MEW.

As the cryptocurrency market continues to evolve, the success of projects like $MEW underscores the dynamic nature of meme coins and the broader digital asset landscape. 

Investors and enthusiasts alike are closely monitoring these developments, anticipating further growth and innovation within the cryptocurrency ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: alexandarilich/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ April 3, 2024 7:09 am