In a dramatic turn of events, Solana-based memecoin $CAT has surged 800% in the past hour, driven by significant onchain transactions.

According to recent reports, a wallet suspected to be linked to Wintermute Trading spent 1800 $SOL (approximately $301.3K) to acquire 37.86 million $CAT. 

This move has already yielded an impressive unrealized profit of $886K for the wallet holder.

This wallet, which is suspected to be related to @wintermute_t, spent 1800 $SOL($301.3K) to buy 37.86M $CAT 4 hours ago and has an unrealized profit of $886K.https://t.co/dHipr3Qg3Shttps://t.co/gRvyujYobv pic.twitter.com/0mL75SMivI

— Lookonchain (@lookonchain) May 25, 2024

Adding to the intrigue, an insider created a new wallet and invested 1370 $SOL (around $230K) to snipe 632 million $CAT, which accounts for 63.2% of the total supply. This strategic acquisition highlights the significant interest and potential manipulation within the $CAT market.

Notably, this insider has already sold a portion of their holdings, receiving approximately 29,525 $SOL ($5M) in return. This transaction underscores the rapid gains and high stakes involved in the current $CAT trading frenzy.

Someone (an insider) created a new wallet and spent 1370 $SOL($230K) to snipe 632M $CAT (63.2% of the total supply).

We tracked that he had sold part of $CAT and received ~29,525 $SOL($5M).https://t.co/L7yewmo0I4 pic.twitter.com/m1To71LDgj

— Lookonchain (@lookonchain) May 25, 2024

The sharp price increase of $CAT reflects the growing interest and speculative behavior in the memecoin market. Such rapid price movements are often driven by large-scale investments and strategic trades by influential market participants.

As $CAT continues to attract attention, it remains to be seen how the market will stabilize in the coming days. Investors and traders should exercise caution and stay informed about ongoing developments and potential market manipulations.

In conclusion, the recent surge in $CAT’s price, driven by substantial investments and strategic trading, highlights the volatile nature of memecoin markets.

While significant profits are being realized, the involvement of large players and the potential for insider activity suggest a need for vigilance and prudent trading strategies.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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