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Solana meme coin, Maneki, pumps on whale activity and exchange listings

By:
on Apr 25, 2024
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  • Maneki soars amid whale activity and major exchange listings.
  • The huge Solana whale activity on the meme coin sparks concerns about insider trading.
  • Maneki has overcome its airdrop discrepancies and made significant price movements.

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Maneki, the latest sensation in the Solana (SOL) meme coin market, has witnessed a remarkable price surge following its listing on several major crypto exchanges.

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Despite the prevailing bearish sentiment, the surge pushed Maneki (MANEKI) to a fresh all-time high since its recent launch.

Increased Solana whale activity

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Shortly after its debut, Maneki experienced a whirlwind of activity as seven wallets, potentially interconnected, swiftly acquired a substantial portion of its total supply. In just one minute of Maneki’s launch, these wallets dumped a staggering 3,388 SOL, equivalent to approximately $525K, to acquire a whopping 3.99 billion MANEKI tokens.

This sudden movement accounted for nearly 44.9% of Maneki’s total supply, sparking intrigue within the crypto community.

Interestingly according to a post made by Lookonchain on X, instead of offloading the acquired tokens, the wallets dispersed them to almost 100 new wallets. The current valuation of the whales’ investment stands at around $88 million, fueled by the rapid surge in the Solana meme coin’s price.

While investors are intrigued by the sudden surge of Maneki’s price, the swift token accumulations by Solana whales raise concerns of potential insider trading, potentially leading to a pump-and-dump scenario.

Furthermore, during its pre-launch phase, the Maneki team had announced an airdrop campaign, allocating 10% of the total supply for community distribution. However, some participants reported discrepancies in receiving their airdrop tokens as promised.

In response, the team assured participants that they were actively addressing these concerns and processing the airdrop rewards accordingly.

Maneki price past $0.0238

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In defiance of the bearish market trend, Maneki’s price rallied by an impressive 47% to reach $0.02383113 on CoinGecko. While the price had slightly pulled back to $0.01902 at press time, the surge propelled Maneki’s market valuation to $175.38 million, with a substantial trading volume of over $125 million within the last 24 hours.

MANEKI/USD price chart

Notably, today’s surge coincided with Maneki’s (MANEKI) listing on major cryptocurrency exchanges, including LBank, Gate.io, Poloniex, and the latest addition, MEXC Global.

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