The meme coin sector is taking a large hit, falling below a $50 billion aggregate market cap, aligning with the crypto market's volatile consolidation. Some of the largest Shiba Inu (SHIB) and Pepecoin (PEPE) holders, known as "whales," are generating buzz with major sell orders amid the sub-$60,000 Bitcoin (BTC) dip. These sell-offs drive the crypto market's fear and greed index (a tool created to assess market sentiment) to new lows, particularly in meme coins. Let's delve into some market analysis and on-chain data for a deeper look at what's happening!

While Bitcoin is trying to stay afloat above $60k, the aggregate market cap for crypto fell to approximately $2.3 trillion, down from a $2.83 trillion market cap in April. This price action has sent shock waves throughout the crypto ecosystem, catalyzing large-scale altcoin sell-offs. Most altcoins have a tiny market cap compared to Bitcoin and are subject to higher volatility. Although altcoins have gained tremendous popularity since the last cycle, most exhibit price drops of 10-30% when Bitcoin falls just a few percent.

Memecoins like SHIB and PEPE are no exception to this capitulation, with both facing substantial selling pressure. Binance's on-chain data shows how many of these tokens are being offloaded. Monitoring this data provides insight into exactly which wallets are liquidating their holdings and for how much.

According to ‘Spot On Chain,' a reputable X account, 700 billion PEPE (worth around $8 million) was sold for an estimated loss of $3.47 million. The wallet now holds around 800 billion PEPE (worth $9.22 million). In a recent tweet, another whale transferred 1.1 Trillion PEPE (worth $14.2 million) to a Binance deposit address and is waiting to be unloaded. They stated this whale still holds 300 billion PEPE. These whales have downsized their positions by 47% and 79%, respectively. This illustrates that some of the biggest holders are getting shaken out of the market, fearing the worst is yet to come. It’s common for people to shift out of riskier positions when fear is high, even if that means cutting them for a loss.

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