Tellor (TRB) has spiked by more than 10% today, while catwifhat (CWIF) has skyrocketed 20% at the time of writing. This substantial price increase for the two tokens comes at a time when many cryptocurrencies are facing challenges, raising questions about what is fueling this bullish momentum.
What you'll learn 👉
TRB’s Rally: Technical Breakout and Increased Whale Activity
The catalyst for TRB’s rally can be traced back to May 2nd, when a strong bullish candlestick pattern formed, followed by a two-day retracement. This price action likely triggered anticipation among whales and other market participants, leading to a buying frenzy that propelled the price upward.
Additionally, TRB’s price broke through a descending channel formation that had acted as resistance since January. This technical breakout likely instilled confidence in the rally, contributing to the surge. Over the past 7 days, TRB has experienced an impressive 168% bullish rally, with a 10% spike occurring today alone.
According to data from Santiment, a cryptocurrency analysis platform, TRB has witnessed a sudden spike in whale transactions and address activity, suggesting potential profit-taking by large investors. This increase in whale activity and buying pressure likely played a crucial role in more than doubling TRB’s market capitalization from $143.32 million on April 30th to $318 million as of May 8th.
Source: Santiment – Start using it today
catwifhat: Riding the Memecoin Wave on Solana
catwifhat (CWIF), a relatively new project on the Solana blockchain, is also enjoying a buying frenzy, with its price skyrocketing by 300% in the last 72 hours. The project’s unique name, reminiscent of the popular dogwifhat memecoin on the same blockchain, could be contributing to its rapid growth and appeal among Solana enthusiasts.
The catwifhat team highlighted the project’s increasing visibility and recognition on major cryptocurrency data platforms, indicating that platforms like Solana FM, Solscan, CoinMarketCap, and CoinGecko now accurately display CWIF’s verified market cap and circulating supply.
Crypto analyst Julius Elum also commented on CWIF’s potential, stating that with a relatively low market cap of $13 million and a growing number of daily buyers compared to sellers, holding Solana-based memecoins like CWIF could lead to substantial gains.
With increasing buyer interest and recognition, catwifhat appears to be capturing the attention of investors seeking the next potential memecoin success story on the Solana network.
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