Is Meme Coin Excitement Over? Massive SHIB and pepe Sales Stir Speculation as Prices Drop
In an interesting turn of events, a significant price rally witnessed by almost all of the meme coins traded in the cryptocurrency space, followed by a significant decline that brought prices down, has attracted the attention of crypto market traders and investors globally. Amid this witnessed crash, information released by tracker Spotonchain showing massive SHIB and PEPE declines for CEXs has gained significant traction as it potentially signals the end of a meme coin season.
While SHIB and PEPE prices are down 4-10% today, these sell-offs have created a bearish trend as derivatives data for these tokens point to a bearish trend in the broader crypto market. Meanwhile, other meme coins such as FLOKI and DOGE also traded in the red today, in line with the market sentiment that the meme coin season will come to an end.
SHIB & PEPE Selloff: A Closer Look
According to information disclosed by Spotonchain, two large whales collectively sold $10.6 million worth of SHIB and PEPE today, March 12. Address 0xd6b deposited 200 billion SHIB into Gemini and Cryptocom, worth $6.49 million, while address 0xe60 deposited 500 billion PEPE. OKX valued at $4.13 million.
What is particularly interesting is that these whales make significant profits from these sales. Address 0xd6b bought 15.2 trillion SHIB with just 10 ETH four years ago and now has an estimated profit of $129 million, leaving 2.6 trillion SHIB. Meanwhile, address 0xe60 started trading PEPE only ten days ago; whereas in real terms, the sale would have brought the whale an estimated final profit of $3.36 million.
However, these sell-offs attracted attention as the tokens trended downward today, signaling the end of a potential meme coin era.
Also Read: Cathie Wood’s Ark Invest sells Coinbase (COIN) for $69 million
SHIB and PEPE Prices Drop, Other Meme Coins to Follow
As of this writing, the price of Shiba Inu has decreased by 4.52% in the last 24 hours and is currently trading at $0.00003265. The price of PEPE coin decreased by 9.84% and reached $0.000008287.
Notably, derivatives data on these tokens signaled a bearish trend in the market and was consistent with this decline, as the data showed investors exiting or closing positions with a significant decline in market activity. Coinglass’ data revealed a 5.87% decrease in SHIB’s open positions and a 26.86% decrease in volume, while the OI-weighted funding rate also decreased, reaching 0.0965%. Simultaneously, PEPE’s open positions decreased by 8.06% and its volume decreased by 27.64%, while the OI weighted funding rate decreased to 0.1045%.
This collectively led to a tidal wave of decline in SHIB and PEPE, while other meme coins such as DOGE and FLOKI also reflected this decline. DOGE and FLOKI prices fell 2-5% as of press time, as derivatives data for these tokens reflected bears gaining control.
As seen by investors in the global crypto world, the significant price drop witnessed by meme coins appears to be the genesis of market sentiments that collectively the meme coin boom will be over. This triggers speculation about massive future sales, pushing prices even lower.
Also Read: US CPI Rises to 3.2%, Will Bitcoin Price Fall?
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