Meme Coin Prices Plunge 9.2% as Whales Sell Off Billions

Meme coin holders are currently in a state of panic as large investors, known as "whales," have begun to sell off substantial amounts of popular meme coins, including Pepe, Dogecoin, and Shiba Inu. This selling spree has led to a significant decline in the prices of these coins, causing widespread concern among investors. The recent dumping of 150 billion Pepe tokens by a single whale has triggered a sharp decline in the coin's price, causing widespread concern among investors. This sudden sell-off has led to a bearish pattern, with Pepe coin's price dropping by 9.2% in seven days. The panic is not limited to Pepe coin; similar trends are observed with Dogecoin and Shiba Inu, as whales have been actively selling their holdings, leading to a crash in investor sentiment.

The impact of these large-scale sell-offs is evident in the market sentiment, with indicators reflecting heightened fear among investors. The lack of utility or decentralization in most meme coins makes them highly speculative investments, further exacerbating the situation. The recent developments in the meme coin market highlight the volatility and risk associated with these assets. While the market continues to grow, the actions of whales can have a profound impact on the price and sentiment of these coins. Investors are advised to exercise caution and conduct thorough research before investing in meme coins, as the market remains highly unpredictable. The situation underscores the need for a more stable and utility-driven approach to cryptocurrency investments, as the current trend of speculative trading can lead to significant losses for retail investors.

Over the past week, large whales have dumped massive meme coin holdings as fear gripped traders. This followed uncertain macro events and general bearish sentiments to present on-chain metrics. The meme coin market cap fell 3.6% to $49.7 billion, below the $50 billion mark. The whale made the sale at a $434k loss due to increased selling pressure. In the last 24 hours, it was recorded that a PEPE trader went long with 10x leverage and is down over $3.36 million. This crunch from the meme coin market continues to affect bullish attempts in the same time frame. Similarly, another PEPE whale sold 150B tokens worth $1.14 million. This string of outflows sent the price down 9.2% in seven days. At the time of writing, PEPE price currently trades at $0.0000068, a 4% drop in the last 24 hours. The asset has also seen a decline in trading volumes, impacting new users.

Like PEPE, DOGE, and SHIB are also caught in the meme coin decline. These assets nosedived over the last 30 days wiping out previous strong positions. This year, DOGE holders projected a massive run to $1 ahead of the cycle peak but expectations have waned. The asset’s price stands at $0.1625, declining 8% last week and 4.4% today. Similar numbers are also seen in SHIB price although the community rally continues. Overall, whale interest in meme coins has significantly declined this year leaving confidence at yearly lows.

Last year, the total market cap of meme coins soared above $70 billion following heightened institutional interest in the crypto market. Meme coins are highly volatile and swing on a larger market bull run as a communing buzz. For most industry watchers, an altcoin recovery is a major factor for a meme coin drive. This could fuel several meme tokens like DOGE and SHIB to Q4 2024 highs and eventually more gains. On the flip side, the current market cap below $50 billion could pose a huge resistance to signals of a rebound as present sentiment points to fear over optimism.