Meme Coin Market Crashes
as Whales
Dump Tokens
in a Selling
Spree
The crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has seen a sharp decline over the past 24 hours, with meme
coins taking the biggest hit.
According to CoinGecko, the total crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap fell by over 15%, while
the market cap of meme coins dropped by more than 12% to $113.32 billion as
whales exited their positions.
Meme Coin Market Reacts to Whale Sell-Offs
Sponsored
Sponsored
The total crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap dropped to $3.42 trillion on January 8 as most
leading cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, including Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, recorded losses.
The declines among the top meme coins have been particularly severe. Popular
meme coins such as Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin and Shiba Inu witnessed large drops on the 24-hour
chart, pushing down the meme coin market cap.
DOGE was trading at $0.33 after dropping 8.5% over the past 24 hours .
Simultaneously, Shiba Inu recorded a fall by over 7% over the same period. All
of the Top 10 Meme Coins by Market Cap Saw Significant Liquidations. Source:
CoinGecko
Sponsored
Sponsored
It appears the overall downturn in the meme coin market was caused by whales
exiting their positions.
According to the crypto analytics platform Spotonchain , one such whale
deposited 210 billion Pepe tokens, worth around $3.95 million, into the Kraken
exchange. Over the past two days, the whale sold around 427 billion Pepe
coins.
Overall, this whale deposited 427 Billion PEPE to Kraken at an average
price of $0.00001987 ($8.49 Million) over the past 2 days, leaving 1 Trillion
PEPE ($18.5M) behind with an estimated total profit of $2.15 Million (+8.67%)
from this second PEPE trade, Spotonchain said.
This move could have further amplified the bearish sentiment. Pepe also posted
losses of over 10% on the 24-hour chart. PEPE Weekly Price Chart. Source:
BeInCrypto
Pepe became the third-largest meme coin as it rode high on social media hype
and viral trends. Still, the recent sale could mean that major investors are
recalibrating their positions.
Sponsored
Sponsored
Similarly, a different whale sold 74.483 billion MOG tokens for 177,736 USDC.
This large-scale liquidation further signals that the meme coin market may be
losing its appeal.
As these whales continue to offload their positions, the resulting selling
pressure has probably had a cascading effect on the prices of meme coins,
contributing to the overall market downturn.
At the same time, another whale bought $18 million worth of meme coins over
the past day, including WIF and POPCAT. However, the whale s purchases
did not boost the meme coins, as the price charts of both coins were in red.
Nevertheless, it needs to be noted that meme coins have always been volatile.
While they often attract attention due to their meme-driven culture, their
price movements are notoriously unpredictable.
As the dust settles, some may view this drop as a buying opportunity, as the
coins could rebound later.
Best crypto platforms in Europe | January 2025
eToro Explore
Coinrule Explore
Uphold Explore
Coinbase Explore
Chain GPT Explore
Best crypto platforms in Europe | January 2025
eToro Explore
Coinrule Explore
Uphold Explore
Coinbase Explore
Chain GPT Explore
Best crypto platforms in Europe | January 2025
eToro
Coinrule
Uphold
Coinbase
Chain GPT
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to
unbiased, transparent reporting. This news article aims to provide accurate,
timely information. However, readers are advised to verify facts independently
and consult with a professional before making any decisions based on this
content. Please note that our Terms and Conditions , Privacy Policy , and
Disclaimers have been updated.