Price: $0.19467 -0.3742%
Market Cap: 28.56B 1.1304%
Volume (24h): 4.33B 0.2%
Dominance: 1.1304%
Price: $0.19467 -0.3742%
Market Cap: 28.56B 1.1304%
Volume (24h): 4.33B 0.2%
Dominance: 1.1304% 1.1304%
  • Price: $0.19467 -0.3742%
  • Market Cap: 28.56B 1.1304%
  • Volume (24h): 4.33B 0.2%
  • Dominance: 1.1304% 1.1304%
  • Price: $0.19467 -0.3742%
Home > Information news > Whale Activity Triggers Meme Coin Market Downturn

Whale Activity Triggers Meme Coin Market Downturn

Release: 2024/03/13 06:28 Reading: 622

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/65f0b54daec858034df47056

Whale Activity Triggers Meme Coin Market Downturn

You can also read this news on BH NEWS: Whale Activity Triggers Meme Coin Market Downturn

The meme coin sector, once noted for its soaring prices, is now experiencing a downturn, attributed in part to significant withdrawals by large-scale investors, commonly known as whales. These cryptocurrencies, including Shiba Inu, Dogecoin, and PEPE, are seeing a notable decrease in value, coinciding with substantial asset movements on various exchanges.

Whales Retreat and Prices Fall

Recent trends show that these digital asset giants are offloading meme coins in large quantities. Shiba Inu, PEPE, and Dogecoin have all experienced a slump in prices following this trend. With the crypto community keeping a close eye on these developments, this pattern suggests a potential shift in the meme coin market.

Two prominent investors are at the center of this activity, with one injecting $10.16 million into Shiba Inu and PEPE and another moving 150 million Dogecoin to the trading platform Robinhood. These transactions have raised concerns about the possibility of large-scale sales, which could influence the market’s stability.

Significant Transfers Spotted on Exchanges

Crypto intelligence sources have uncovered that two whales made substantial deposits to exchanges, including Gemini and OKX. In one case, a massive haul of 15.2 trillion SHIB, accumulated over four years, was partially transferred. In another instance, 500 billion PEPE coins were moved, sparking discussion about the future prices of these assets.

Moreover, the deposit of a large Dogecoin sum to Robinhood and Justin Sun’s alleged transfer of FLOKI tokens has led to speculation of impending sales. While these developments have led to a downtrend in meme coin prices, the longevity of this slump remains uncertain. Experts caution that such volatility is expected after the rapid growth of meme coins.

The post first appeared on BH NEWS: Whale Activity Triggers Meme Coin Market Downturn

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.