Solana Whales Go Bullish on New Memecoin as Price Surges

In a surprising turn of events, the price of MANEKI, a newly launched Solana-based memecoin, has seen a massive surge since its recent introduction. The spike, which saw the MANEKI crypto price rally 46.76% to $0.02157 on Thursday, April 25, comes amid an overall bearish trend in the cryptocurrency market.

The sudden surge in MANEKI’s value has caught the attention of many investors and analysts, primarily due to some intriguing wallet activity that occurred shortly after the coin’s launch. Lookonchain, a blockchain analytics platform, tweeted about seven specific wallets that collectively spent 3,388 *SOL* ($525K) to purchase 3.99 billion MANEKI, representing 44.9% of the total supply.

Remarkably, this massive acquisition took place within just one minute of MANEKI going online. Following the purchase, these seven wallets proceeded to distribute the acquired 3.99 billion MANEKI to nearly 100 new wallets. Notably, they have not sold any of their holdings, which are currently valued at approximately $88 million.

The price of $MANEKI has increased by more than 30,000% since its launch!

If you hold $MANEKI or want to buy $MANEKI, you must pay attention to these 7 wallets.

These 7 wallets(possibly belonging to the same person) spent 3,388 $SOL($525K) to buy 3.99B $MANEKI (44.9% of the… pic.twitter.com/19vTM3Pjpk

— Lookonchain (@lookonchain) April 25, 2024

Market Sentiment

The acquisition and subsequent distribution of such a significant portion of MANEKI’s total supply by a small group of wallets have raised questions and sparked speculation within the crypto community. Some speculate that these wallets may belong to a single entity or a group of closely related parties with substantial investment power.

Despite the mystery surrounding the wallet activity, MANEKI has managed to achieve a market valuation of $191.91 million and recorded a trading volume of $85.08 million in the last 24 hours. The Solana-based memecoin has also secured listings on major cryptocurrency exchanges, including LBank, Gate.io, and Poloniex. The latest addition to this list is MEXC Global, further enhancing MANEKI’s accessibility and exposure to potential investors.

While the market is known for its volatility and unpredictable price movements, the recent performance of MANEKI and the associated wallet activity underscore the continued interest and potential for significant gains within the memecoin sector. As always, investors are advised to exercise caution and conduct thorough research before investing in any cryptocurrency, especially those experiencing rapid price fluctuations and unconventional trading patterns.