In an unexpected twist, the value of MANEKI, a freshly launched memecoin on Solana, has skyrocketed since its recent debut. The surge, which saw MANEKI's price climb 46.76% to $0.02157 on Thursday, April 25, stands out amid a generally bearish trend in the cryptocurrency market.

The sudden rise in MANEKI's worth has grabbed the attention of many investors and experts, mainly because of some interesting wallet activity observed shortly after the coin's launch. Lookonchain, a platform analyzing blockchains, tweeted about seven specific wallets that collectively spent 3,388 ($525K) to buy 3.99 billion MANEKI, making up 44.9% of the total supply. Astonishingly, this hefty purchase happened within just one minute of MANEKI going live. Afterward, these seven wallets spread out the acquired 3.99 billion MANEKI to nearly 100 new wallets. Importantly, they haven't sold any of their holdings, which are currently worth about $88 million.

Market Sentiment

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

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

While the market is volatile and prices can be unpredictable, the recent performance of MANEKI and the associated wallet activity highlight the ongoing interest and potential for significant profits within the memecoin sector. As always, investors are encouraged to be cautious and thoroughly research before investing in any cryptocurrency, especially those experiencing rapid price fluctuations and unconventional trading patterns.