Crypto prices are printing higher. Bitcoin, for example, broke above $66,000 before cooling off earlier today. Like the world’s most valuable coin, Solana and its meme coins are trending higher. According to Coingecko, SOL trades above $150, adding nearly 7% in the previous trading week.
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.
Feature image from iStock, chart from TradingView