In a surprising development, the meme coin market, which recently experienced a notable surge in prices, is now facing a significant downturn, causing widespread interest among global crypto traders and investors. This decline, particularly evident in meme coins like SHIB and PEPE, has sparked discussions about a potential end to the meme coin season.
Insights provided by Spotonchain have gained attention, revealing substantial sell-offs of SHIB and PEPE tokens on centralized exchanges (CEXs). These sell-offs, coupled with a 4-10% drop in SHIB and PEPE prices, have led to a pessimistic sentiment, with derivative data suggesting a broader downtrend in the crypto market. The red trading day for other meme coins like FLOKI and DOGE further reinforces the notion of a potential downturn in the meme coin market.
Spotonchain’s data indicates that two significant whales collectively sold $10.6 million worth of SHIB and PEPE tokens. Notably, these whales have profited significantly from these transactions, adding to the speculation about the future of meme coins.
The decline in SHIB and PEPE prices, along with a bearish trend in derivative data, has led to a wave of negativity in the market. Other meme coins like DOGE and FLOKI have also experienced price drops, reflecting a broader sentiment of market downturn.
Overall, the substantial price decline in meme coins has raised concerns among investors about the longevity of the meme coin boom, prompting speculation about potential future sell-offs and further price decreases.