Shiba Inu (SHIB) and Pepe (PEPE) Whales on Dumping Spree Amid Ongoing Crypto Correction

Shiba Inu (SHIB) and Pepe (PEPE) Whales Dump Amidst Ongoing Crypto Correction

The overall cryptocurrency market has continued its downtrend over the past 24 hours, led by Bitcoin (BTC), which briefly dipped below $60,000 before stabilizing near $61,000 on Tuesday. This significant drop has resulted in total liquidations of over $300 million, primarily impacting long traders.

Meme Coins Bear the Brunt

Amidst the ongoing market correction, the collective value of meme coins has plummeted from approximately $70 billion to around $47 billion at the time of writing. The speculative nature of these cryptocurrencies has raised concerns of further decline in the weeks leading up to the potential altseason spike.

Market Data

Ethereum-based Shiba Inu (SHIB) has declined by 30% in the last four weeks, hovering around $0.0000173 on Tuesday. Similarly, Pepe (PEPE), with a fully diluted valuation of $4.88 billion and an average daily trading volume of $939 million, has shed over 22% in the past four weeks, currently trading at $0.00001161.

Whales Accelerate Market Dumping

Spot On Chain (@spotonchain) reported on Twitter that two significant whales have deposited substantial amounts of SHIB and PEPE into Binance over the past 14 hours:

• Whale 0x42a transferred all 1.088 trillion SHIB ($18.12 million) to Binance.
• Another whale moved 700 billion PEPE ($7.8 million) to Binance.

Technical Analysis

Despite the accelerated crypto market sell-off, crypto analyst Ali Martinez (@ali_charts) suggests a strong rebound may be imminent based on buy signals appearing on the daily charts of Solana, Shiba Inu, and Cardano. The analyst anticipates a price recovery for these altcoins.