After the huge price increase experienced by almost all meme coins in the cryptocurrency world, the decline in prices is closely followed by global crypto market traders and investors. In the midst of this decline, statements made by Spotonchain followers showed that CEXs had a large amount of SHIB and PEPE It showed that the token was transferred. This potentially signals the end of a meme coin season. For this reason, it was met with significant interest.
SHIB and PEPE prices fell between 4 and 10% today, starting a downward trend in sales. Derivatives data for these tokens showed a bearish trend in the overall crypto market. By the way, among other meme coins FLOKI and DOGE also traded in the red today, aligning with market sentiments of a potential end-of-meme coin season.
SHIB & PEPE Sales
Today, two prominent whales attracted attention by collectively selling $10.6 million worth of SHIB and PEPE, according to data from Spotonchain. Address 0xd6b sent 200 billion SHIB worth $6.49 million to Gemini and Cryptocom, while address 0xe60 sent 500 billion PEPE worth $4.13 million to OKX.
Koinfinans.com What is particularly interesting, as we reported, is that these whales made significant profits from these sales. Address 0xd6b purchased 15.2 trillion SHIB with just 10 ETH four years ago and now has an estimated profit of $129 million with 2.6 trillion SHIB. On the other hand, address 0xe60 started trading PEPE just ten days ago and will make an estimated profit of $3.36 million with today’s sales.
However, with the tokens showing bearish momentum today, these sell-offs have been taken as a notable sign that the era of a potential meme coin is coming to an end.
SHIB and PEPE Prices Declined
Currently, the price of Shiba Inu is trading at $0.00003265, experiencing a decline of 4.52% in the last 24 hours. During the same period, the price of PEPE coin decreased by 9.84% to $0.000008287.
In particular, derivatives data for these tokens points to a downtrend, indicating that investors tend to exit the market or close positions. Coinglass’ data shows a 5.87% decrease in SHIB’s open interest and a 26.86% decrease in volume, while at the same time the OI-weighted funding rate also decreased to 0.0965%. Likewise, there was an 8.06% decrease in PEPE’s open position and a 27.64% decrease in volume, and the OI weighted funding rate decreased to 0.1045%.
While this created a collective selling pressure on SHIB and PEPE, it also affected the prices of other meme coins, DOGE and FLOKI. While the prices of DOGE and FLOKI are falling between 2% and 5% at press time, derivatives data shows that the bears are starting to control the market.
This significant price decline collectively experienced by meme coins in the global crypto community appears to reflect market sentiments that a meme coin boom is over. This increases speculation about future big sales, pushing prices even lower.
