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To the chagrin of realists in the cryptocurrency ecosystem, meme coins have shot to the limelight, worming their way into the top ten largest digital assets and gaining infamy.
A recent report from blockchain analytics firm Spot On Chain has revealed a significant loss for a major cryptocurrency investor with a significant amount of Pepe Coin (PEPE). The investor, referred to as a "whale" due to the size of his holdings, deposited 519 billion PEPE tokens, valued at approximately $5.11 million, on Binance.
PEPE, the third-largest memecoin by market capitalization, might benefit from the recent wave of selling.
After a week-long price correction, PEPE showed signs of recovery as it followed a historical trend.
Major meme coins BONK, WIF, BRETT, and PEPE have all surged over 15% amid a broader meme coin rally as Bitcoin (BTC), the largest crypto asset, has climbed 3% in 24-hour trading.
With the crypto market crash, the last two days have been quite challenging as all the cryptocurrencies dipped to the month's low, including the meme coins. The selling pressure rose instantly in the case of meme coins as the seller opted for trading to make the best out of the situation, creating higher declines.
Holders of the top meme coins have witnessed rough price action in the past few weeks. The majority of meme cryptos have crashed hard during the last week, with losses of over 20% in each asset across the board. Particularly, holders of the top meme coins Dogecoin, PEPE, and Shiba Inu have been disappointed, as the price drop means many of them have now fallen out of profitability.
Shiba Inu price hit $0.000014 on July 5, bringing its 14-day losses to 28%, investors could switch focus towards other promising meme tokens.
With a plunge of 7.82% within the past 24 hours, the cryptocurrency market has lost its $2 Trillion mark and is currently valued at $1.98 Trillion with a 24-hour trading volume of $116.88 Billion. Further, the price of Bitcoin has recorded a low of $53,717.38, the lowest since February this year.
In an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.
The first week of July has been a difficult one for the market. But amid the growing sell-offs, crypto whales loaded their wallets with some altcoins that some may term undervalued.
Over the past 24 hours, the PEPE price has undergone a substantial 18.29% pullback, contributing to an overall 14.5% decline in the meme coin sector.
The week has been marked by a significant downturn in the cryptocurrency market. The values of leading assets such as Bitcoin (BTC) and Ethereum (ETH) have plunged by 12% and 17% in the past seven days, respectively.
Pepe, a popular meme coin, experienced a notable decline over the past 24 hours after a strong bearish trend. The meme coin has seen a significant market correction, breaking below its previous support levels.
Amidst the market turmoil, on-chain data shows a particular whale has been taking the chance to load up on their portfolio. Notable among the transfers is the withdrawal of 957.77 billion PEPE and 583.78 billion Shiba Inu, among other meme coins.
Pepe Unchained ($PEPU) successfully raised over $2.2 million in its presale in just 19 days. This remarkable achievement underscores the growing enthusiasm for this innovative project.
IntoTheBlock data has revealed that a significant percentage of Dogecoin (DOGE), Pepe Coin (PEPE) and MOG (MOG) holders are still in profit. Broad Crypto Market Sees Price Crunch Amidst a general crypto market downturn, many memecoin have maintained a reasonable positive sentiment.
PEPE is in the spotlight after carting away with a $4 million liquidation amid an unrelenting price slump. At the time of writing, PEPE has fallen by a massive 8.16% to $0.00000959, casting doubt on its recovery potential.
It has been a month since Pepe Coin's biggest rally, where it created the all-time high target of $0.00001718 after multiple continuous peaks in May. However, the PEPE price has declined over 44% since then and is currently at $0.000009662.
Today, BitMEX has launched a new product: the MEMEMEXTUSDT. This is a Basket Index perpetual swap contract.
BitMEX, one of the largest digital asset exchanges, has rolled out a meme coin basket index.
On-chain data shows PEPE and FET are among altcoins that have seen a sharp growth in their addresses recently, a sign that may be bullish. PEPE, FET, & ENS Have Enjoyed Sharp Network Growth Recently According to data from the on-chain analytics firm Santiment, three altcoins have seen a sudden spike in their Network Growth.
Binance shakes up the market with a massive reshuffle as major PEPE coin players jump back into the scene.
Meme coins, led by favorites like Pepe (PEPE), have become the must-trade category in the 2024 market.
