🐱 Solana Sees Surge in Cat-Themed Coins: $9 Million in 2 Hours
The frenzy of profiting from meme coins on the Solana blockchain continues with vigor. Recently, an investor turned a $35,000 investment into a staggering $8.9 million within just two hours. The surge in cat-themed meme coins has been particularly notable in the past 24 hours.
The rapid rise in Solana's price, surpassing $200 in a short span, is attributed to the immense interest in newly minted coins on the chain. Instances of investors making millions within minutes or hours of a coin's launch, often through insider information or strategic early buying, have become increasingly common.
A recent example is the MEW token, where an investor who initially invested 178 SOL, equivalent to around $35,000, now holds 4.41 billion MEW units, translating to $8.9 million in earnings. Interestingly, the investor has not yet cashed out, as per Lookonchain data.
While these meteoric rises have made some investors wealthy, analysts caution that such gains are often fueled by market manipulations and insider trading. The launch of tokens like "cat in a dogs world" (#MEW) today raises eyebrows, indicating the potential for speculative behavior.
Other cat-themed meme coins have also seen significant gains, with Catfish up by 98%, Sillynubcat by 80%, and Upsidedowncat token by 60% in the last 24 hours.
