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- Key investors in PEPE, a meme coin, are selling their holdings at a significant loss as the token’s value plunges further.
- Across the board, meme coins are undergoing a downward trend, as evident in the declining performance of popular tokens such as DOGE, SHIB, FLOKI, and others.
In an ongoing, rough patch for meme cryptocurrencies, PEPE coin whales are starting to divest and cut their losses. As the token’s value plunges, losing another 9% within the last day alone, larger investors are opting to exit the market, incurring substantial losses in the process.
Recent on-chain data from Lookonchain, a reputable analytics provider, revealed that a minimum of two significant PEPE investors have incurred substantial losses. One such investor, associated with the address ending in 0x4614, divested a whopping 375.8 billion PEPE coins. The result? A loss of $142,000, equivalent to around 76 ETH at the current exchange rate.
In a similar vein, another prominent investor opted to divest approximately 257 billion PEPE tokens. The financial implication? A loss nearing $35,000. These divestment actions only underscore the harsh reality of the current meme coin market.
This downward trend isn’t restricted to PEPE coins. Data from CoinMarketCap, a leading platform for crypto market trends and prices, indicates a troubling time for meme cryptocurrencies as a whole. Majority of the larger meme coins are trading at significant losses, marking a widespread depreciation.
In the past week, DOGE, a pioneer meme coin, dropped by 2.5%, while SHIB recorded a decrease of 4.2%. PEPE’s fall was the most dramatic, shedding 20% of its value. Other meme coins like FLOKI, BONE, and ELON weren’t immune either, recording losses of 7.83%, 13.3%, and 4.2% respectively.
These ongoing events point to an uncertain period for meme cryptocurrencies. As the market bleeds out, investors, especially the so-called whales, are forced to evaluate their positions and strategies, resulting in some choosing to exit. This widespread retreat could potentially have a long-term impact on the meme coin market, influencing future investments and market dynamics.
