Meme coin trading on the Solana network has exploded over the past year, with BONKDogwifhat and POPCAT went from under $1 million to over $1 billion in market cap. There have also been other successful coins that have reached hundreds of millions in market cap. However, one meme coin currently stands out after a Whale with dogfish completed a massive $2.4 million purchase, sending the price skyrocketing.
Solana Trader invests $2.4 million in MUMU The Bull
MUMU The Bull is another Solana meme coin that has been slowly approaching the $100 million market cap. This week it finally hit $100 million, as fear of missing out (FOMO) appears to be taking hold among some investors.
On Thursday, the on-chain data tracker for the Solana Network, SolanaFloor, reported a huge buy in this meme coin with most of its trading volume on decentralized exchanges (DEXes). The Solana trader had purchased approximately $2.4 million worth of meme coins in a single transaction.
As a result of the purchase, the MUMU The Bull meme coin saw a massive price increase that sent its market cap to $820 million in a matter of seconds. Of course, the price has since fallen back to normal levels, but one interesting fact that has investors intrigued is which coins were exchanged for MUMU The Bull.
According to on-chain data, the Solana trader had nearly $3 million in the Dogwifhat meme coin for 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 investment in MUMU The Bull has resulted in comparisons with Dogwifhatas a similar event happened in the early days of WIF. In January 2024, when the Dogwifhat price skyrocketed, there was a massive purchase of $8.6 million, which almost tripled the price of the meme coin in a matter of seconds.
At the time, the purchase was criticized by the Solana community, with many believing the whale had made a bad investment. However, Dogwifhat’s market cap soared into the billions, making the Solana trader tens of millions in profit.
Given Dogwifhat’s performance, expectations have risen that MUMU The Bull will fuel the fuse created by the $2.4 million purchase. Community member @cheatcoiner on X (formerly Twitter) echoed this sentiment, proverb“Now is the time to light the fuse, you can’t stop the bull.”
Main image created with Dall.E, chart from Tradingview.com