Meme Coin Market Faces Sharp Decline as Whale Sell-Offs
Trigger Sell Pressure
The cryptocurrency market has experienced a significant downturn, with meme coins bearing the brunt of the recent sell-off. Over the past 24 hours, the total market capitalization of cryptocurrencies dropped by over 15%, with meme coins specifically seeing a more substantial decrease of more than 12%. The total meme coin market cap now stands at approximately $113.32 billion, primarily due to the large-scale exits by whale investors.
Whale Activity Drives Market Downturn
The decline in the meme coin sector is largely attributed to heavy sell-offs by whales, which has contributed to a cascade of price drops. Popular meme coins, such as Dogecoin and Shiba Inu, have seen notable losses during this period. Dogecoin, for instance, fell by 8.5%, bringing its price down to $0.33, while Shiba Inu saw a decline of over 7%. These sharp declines reflect the impact of whale movements on the market and have contributed to the overall market correction.
Massive Liquidations of Pepe and Other Meme Coins
One of the key players in this downturn has been a whale that offloaded a significant portion of its Pepe tokens. The whale deposited approximately 210 billion Pepe tokens, worth around $3.95 million, into Kraken exchange and continued to sell, offloading a total of 427 billion tokens. This large-scale liquidation may have intensified the bearish sentiment surrounding Pepe, which saw a 10% drop in value over the same period. Other coins, such as MOG, also experienced substantial liquidations, signaling that some major investors are adjusting their positions, further weighing on the market.
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