The meme coin market didn’t have an abrupt start to the week like Bitcoin and Ethereum, which exploded on Wednesday.
Shiba Inu (SHIB) and PEPE (PEPE) took a dive on Tuesday, down 5% and 8.5% on the daily scale. The decrease in price action can be attributed to large holders taking profits, as reported by the on-chain analytics platform Spot On Chain.
Today, however, the market is recovering, which speaks volumes of the continuous interest in meme coins.
Whales Taking SHIB Profits?
Anonymous whales have transacted large amounts of Shiba Inu (SHIB) and PEPE to three major centralized exchanges.
Per a post on X by Spot On Chain, a whale made an estimated profit of $129 million after selling 200 billion SHIB ($6.49M). The whale was an early SHIB holder who bought a 15.2 trillion SHIB in 2020. They still have 2.6T SHIB ($85.15M) left.
Two big whales deposited $10.6M worth of $SHIB and $PEPE to CEX in the past 2hrs as the prices dropped today. Is the #memecoins season coming to an end?
1. Early buyer 0xd6b deposited 200B $SHIB ($6.49M) to #Gemini and #Cryptocom ~ 1hr ago.
Notably, 4 years ago, the whale… pic.twitter.com/l6M6O4D8Dv
— Spot On Chain (@spotonchain) March 12, 2024
Another whale address, starting with 0xe60, transferred 500 billion PEPE, worth $4.13 million, to the crypto exchange OKX. If the whale were to sell, it could net a potential profit of $3.36 million. Notably, this whale started trading PEPE just ten days ago.
Are Meme Coins Cooling Off?
Meme coins are known for their explosive volatility and attracting a lot of FOMO during bullish markets, as retail capital rotates towards tokens with potential return on investments.
While most meme coins have seen little movement this week, several tokens in the top ten list by market cap have thrown double-digit gains, with FLOKI surging 132% on the weekly scale. Moreover, while SHIB and Dogecoin (DOGE) lag behind their competitors, they still dominate 70% of the meme coin market.
The past 24 hours saw PEPE increase by some 10%, resurging from the slump that it had encountered during the previous few days. The market is turning green on Wednesday, with Bitcoin charting a new all-time high, and it’s interesting to see if DOGE and SHIB will follow through.
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