The fast-growing meme coin market is facing a loss of momentum, with leading tokens such as Shiba Inu (SHIB coin), Floki Inu (FLOKI) and Dogecoin (DOGE) witnessing significant selling and subsequent price decline by major investors.
Smart investor sold SHIB coin and FLOKI
A trader recently capitalized on the meme coin craze by distributing a total of 1.5 trillion SHIB and FLOKI tokens. This massive sell-off, tracked by on-chain data provider Spotonchain, resulted in an unexpected profit of over $70 million for the trader. The details of the sale paint a fascinating picture:
- SHIB Sell: Trader deposited 1.24 trillion SHIB tokens on exchanges like Binance and GateIO and pocketed a profit of $23.5 million, representing a gain of over 146%.
- FLOKI Frenzy: Shortly before the SHIB crash, the same trader cashed out 200.9 billion FLOKI tokens on GateIO, making a profit of $44.3 million.
This strategic move by the trader, combined with the identification of other prominent figures profiting from SHIB sales, such as MakerDAO founder Rune Christen, fueled speculation about a potential bubble burst in the meme coin market. The ongoing sell-off coincides with a decline in SHIB’s burning ventures, further weakening investors’ confidence.
DOGE whale is back
Adding to the bearish trend, a major Dogecoin (DOGE) whale recently sent shivers down investors’ spines by pouring a whopping 118.4 million DOGE tokens worth approximately $19.75 million into Robinhood. This sell-off, spotted by blockchain tracker Whale Alert, follows a significant price drop for DOGE, which rose as high as $0.20 last month.
The whale’s actions, combined with broader market sell-offs and speculation that the meme coin rally will end, have cast a dark cloud over DOGE’s future. This sentiment is further strengthened by derivatives data showing decreasing open interest and volume; This indicates reduced investor participation and a lack of confidence in the token’s short-term prospects.
With the big players leaving the scene and prices falling rapidly, the question remains: Is the meme coin craze finally dying down? It is too early to declare a definitive end. For cryptokoin.com As we reported, in addition to the well-known meme coins such as DOGE and SHIB, new meme coins such as BOME and WIF have emerged. Moreover, these altcoins currently offer returns many times higher than those offered by major coins.
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