With Bitcoin hitting a two-month low of $57,500, many crypto investors have begun to strategically exit volatile meme coins. The broader market downturn has taken a significant toll on these digital assets, known for their speculative nature, leading to a massive sell-off.
Some investors have started taking profits this week, however, they are still holding a large amount of meme coins, waiting for the market to recover.
Crypto investors sell Pepe, Dogwifhat, and MICHI
Dimethyltryptamine.eth, with wallet address 0x4a2, has returned after 10 months of inactivity. According to Spot On Chain, the crypto whale exchanged 10 billion Pepe (PEPE) for $112,000, converting it to 32.73 Ethereum (ETH) at a rate of $0.0000112118.
Despite the market volatility, this investor still owns 1.99 trillion PEPE, currently valued at $22.35 million, representing a staggering 59,600% increase in value.
Read more: 7 Popular Cryptocurrencies and Altcoins in 2024
Furthermore, this investor holds significant amounts of other meme coins. His portfolio includes 711.7 million Wojak (WOJAK) and 147.5 billion Mog (MOG), with unrealized gains of $457,000 and $824,000, respectively. These numbers highlight the huge gains that are still possible in the volatile meme coin market.
In another significant move, BxPMj moved 900,000 Dogwifhat (WIF) tokens, worth $1.64 million, to the centralized exchange Bybit. Despite the market slowdown, BxPMj’s remaining WIF holdings are estimated at around $1.76 million.
Additionally, Solana (SOL) wallet owner J2GcK sold 8.6 million MICHI for $1.34 million, making a profit of $1.24 million. J2GcK initially invested 578 SOL, worth $103,000, to purchase these tokens between April 8 and April 15. At its peak, MICHI tokens were worth over $5 million, demonstrating the high volatility and potential profits of meme coin investments.
In a previous interview with BeInCrypto, Tristan Dickinson, CMO of EOS Network, discussed the behavior of crypto whales.
“Whales follow market trends and take advantage of opportunities they see. As easily as they can liquidate assets, putting downward pressure on the market, they can hold onto them if they see an opportunity,” Dickinson told BeInCrypto.
Currently, the meme coin sector is down almost 13% in the past 24 hours. WIF, which is among the top 10 meme coins, has seen the biggest drop, falling by 13.2%.
Read More: 11 Best Solana Meme Coins to Watch in July 2024
Conversely, meme coins like Dogecoin (DOGE) and DOG•GO•TO•THE•MOON faced less severe impacts, with declines of 8.6% and 7.6%, respectively.
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