Some top coins of Solana, Bitcoin, and even Ethereum are edging higher. However, while holders are barely up double digits over the past week, a meme coin trader on Solana is swimming in profits at spot rates.<\/p>\n
According to Arkham, a blockchain intelligence platform, the trader, who got in early, scooping $800 worth of MooDeng, a meme coin in Solana, has seen the investment swell<\/a> to over $1.3 million roughly two weeks after buying.\u00a0\u00a0<\/p>\n Related Reading: Analyst Warns Of Short Squeeze as Bitcoin Futures Market Heats Up<\/a><\/p>\n The address, also the largest holder of the MoonDeng meme coin, had already seen the initial investment soar by over 500X by September 17, rising to nearly $400,000. However, a week later, that same investment is up, rising to $1.3 million on September 24.<\/p>\n A glance at MooDeng\u2019s price action shows that the token is inching higher. Notably, this superb performance coincides with a sharp change in fundamental factors following the interest cut by the United States Federal Reserve. <\/p>\n <\/a><\/p>\n Following the 50 basis point reduction, Ethereum, Solana, and Bitcoin<\/a> have been firm, shaking off weakness. Specifically, the revival of Solana prices from September lows has been a reprieve for some of its ecosystem tokens, especially meme coins.<\/p>\n Over the last week, Solana has added nearly 11%, according to Coingecko data<\/a>. The expansion has also seen the total market cap of Solana meme coins rise to $7.2 billion, adding 8% in the past 24 hours. <\/p>\n Out of this, DogWifHat (WIF) is the largest meme coin on Solana, commanding a market cap of over $1.8 billion. However, the only other meme coin on this network with a market cap exceeding $1 billion is Bonk, at $1.2 billion. <\/p>\n Interestingly, scanning through the top 50 meme coins on Solana, MooDeng, despite its performance, doesn\u2019t feature. Currently, looking at Coingecko, MooDeng is up 48% over the last day, attracting a 24-hour trading volume of over $29.4 million. <\/p>\nSolana Meme Coin Ecosystem Recovering<\/h2>\n