In an intriguing turn of events, following a significant price rally witnessed by nearly all of the meme coins trading within the cryptocurrency realm, a substantial slump pulling the prices down has piqued the interest of crypto market traders and investors globally. Amid this slump witnessed, insights unveiled by the tracker Spotonchain, showcasing massive SHIB & PEPE dumps to CEXs, gained notable traction as it potentially hinted at a meme coin season end.

With SHIB and PEPE prices down 4-10% today, these selloffs birthed a pool of bearishness, as derivatives data for these tokens hinted at a downtrend in the broader crypto market. Meanwhile, other meme coins, such as FLOKI and DOGE also traded in the red today, aligning with the market sentiments of a potential meme coin season end.

SHIB & PEPE Selloff: A Closer Look

According to the insights unveiled by Spotonchain, two massive whales collectively sold $10.6 million worth of SHIB and PEPE today, March 12. The address 0xd6b deposited 200 billion SHIB, worth $6.49 million, to Gemini and Cryptocom, whereas the address 0xe60 deposited 500 billion PEPE, worth $4.13 million, to OKX.

Notably, what’s intriguing is that these whales made notable profits with these selloffs weighing in. The address 0xd6b bought 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 still left. Meanwhile, the address 0xe60 started trading PEPE just ten days ago, whereas truly selling would bring the whale an estimated final profit of $3.36 million.

However, with the tokens showcasing a bearish momentum today, these selloffs garnered attention, hinting at a potential meme coin era fading away.

Also Read: Cathie Wood’s Ark Invest sold $69M Coinbase (COIN) Share

SHIB & PEPE Prices Dip, Other Meme Coins Follow

As of writing, Shiba Inu’s price showcased a plunge of 4.52% over the past 24 hours and is currently trading at $0.00003265. PEPE coin’s price, on the other hand, was noted to fall by 9.84%, reaching $0.000008287.

Notably, the derivatives data for these tokens signaled a downtrend in the market, aligning with the slump as data showcased investors exiting or closing positions with a considerable plunge in market activity. Coinglass‘ data revealed a 5.87% dip in SHIB’s open interest and a 26.86% drop in volume, whereas the OI-weighted funding rate also slipped, reaching 0.0965%. Simultaneously, PEPE’s open interest plunged 8.06%, and volume plummeted 27.64%, whereas the OI-weighted funding rate fell to 0.1045%.

This collectively birthed a tidal wave of bearishness on SHIB & PEPE, while other meme coins like DOGE and FLOKI mirrored this bearishness. DOGE and FLOKI prices dipped 2-5% as of press time, with derivatives data for these tokens reflecting bears taking control.

As seen by investors across the global crypto realm, a substantial price slump witnessed by meme coins collectively appears to be birthing market sentiments of a meme coin boom coming to an end. This, in turn, triggers speculations over future colossal selloffs, pushing the prices down further.

Also Read: US CPI Comes Hotter at 3.2%, Bitcoin Price to Fall?

The post Meme Coin Hype Over? Massive SHIB & PEPE Dumps Stir Speculations As Prices Dip appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am