Crypto whales trigger meme coin frenzy amid Bitcoin slump

Bitcoin (BTC) major slide below the $60,000 mark has pushed intensity among retail investors and crypto whales. On-chain data reveals that major players are adjusting their meme coin holdings during the recent downturn. However, the meme coin market cap dropped by 7% in the last 24 hours to stand at $44.2 billion.

BTC recorded a sharp decline as it went on to trade below $59,000. This downturn triggered a wave of concern among investors. However, it also set the stage for some major movements in the meme coin market.

Data shows that a transaction involving the crypto whale known as wallet 0x837. This wallet transferred 700 billion Pepe (PEPE) tokens (approx worth $7.83 million) to the crypto exchange Binance. Despite this mega transfer, the whale wallet is still retaining 800 billion PEPE (approx worth $8.97 million).

If this whale had sold the tokens then it would have incurred a net loss of around $3.47 million. This shows a 15% decrease from its buying price.

Pepe has managed to recover by surging 15% in the last 24 hours. PEPE is trading at an average price of $0.00001237, at the press time. It holds a 24 hour trading volume of $934 million with a market cap of $5.21 billion.

In a similar move, another whale wallet named 0x42a moved 1.088 trillion Shiba Inu (SHIB) tokens (approx worth $18.12 million) to Binance. Unlike wallet 0x837, wallet 0x42a managed to avoid a loss. 

If sold now, this whale could make a profit of $8 million. This could mark a 79% increase over seven months. However, this profit is lower than the unrealized peak of $29 million during SHIB’s high in March.

Shiba Inu has been dealing with high selling pressure as its price dropped by 40% in the last 90 days. However, SHIB price jumped by 7% in the last 24 hours. Shiba Inu is trading at an average price of $0.00001796, at the press time.

SHIB is still the second biggest meme crypto with a market cap of $10.5 billion.

Amid Bitcoin’s struggle to regain bullish momentum, other meme coins have also experienced significant growth. Dogecoin, a market staple, saw a 2.4% price increase in the past 24 hours. Meanwhile, Solana-based Popcat (POPCAT) recorded a 50% surge, and Mog Coin (MOG) saw a 39% increase, outperforming other assets.