The cryptocurrency market has seen a sharp decline over the past 24 hours, with Meme Coins being hit the hardest.
According to CoinGecko, the total cryptocurrency market capitalization fell more than 15%, while the market capitalization of Meme Coins fell more than 12% to $113.32 billion as “whales” exited their positions. Surname.
Meme Coin Market Reacts To Whale Sell-Off
On January 8, the total cryptocurrency market capitalization dropped to $3.42 trillion as most top coins, including Bitcoin and Ethereum, recorded losses.
The decline among the top Meme Coins is quite severe. Popular coins such as Dogecoin and Shiba Inu have seen sharp declines on the 24-hour chart, pushing the Meme Coin market capitalization down.
DOGE is trading at $0.33 after falling 8.5% in the past 24 hours. At the same time, Shiba Inu recorded a decrease of more than 7% in the same period.
It appears that the overall decline in the Meme Coin market is due to “whales” exiting their positions.
According to the cryptocurrency analytics platform Spotonchaina whale deposited 210 billion Pepe Tokens, worth approximately $3.95 million, into the Kraken exchange. In the past two days, this whale sold about 427 billion Pepe.
“In total, this whale deposited 427 billion PEPE into Kraken at an average price of 0.00001987 USD ($8.49 million) over the past two days, retaining 1 trillion PEPE ($18.5 million) for a total estimated profit of 2.15 million USD (+8.67%) from this 2nd PEPE transaction,” Spotonchain said.
The move may have added to bearish market sentiment. Pepe also recorded a loss of over 10% on the 24-hour chart.
Pepe became the 3rd largest Meme Coin Coin when underground on social networks and viral trends. However, the recent selling may indicate that large investors are adjusting their positions.
Likewise, another whale sold 74.483 billion MOG Tokens in exchange for 177,736 USDC. This large-scale liquidation further raises signals that the Meme Coin market may be losing its appeal.
As these “whales” continued to unload their positions, the selling pressure created may have had a knock-on effect on the price of Meme Coin Coins, contributing to the overall market decline.
Meanwhile, another whale bought 18 million USD Meme Coin Coin in the past day, including WIF and POPCAT. However, these whale purchases did not push up the price of Meme Coin Coins, as the price charts of both coins turned red.
However, it should be noted that Meme Coin Coins are always highly volatile. Although they often attract attention thanks to their meme culture, their price fluctuations are extremely unpredictable.
As the situation stabilizes, some may see this as a buying opportunity, as currencies may recover later.