- Large market-cap meme coins SHIB & PEPE observe diminished whale activity.
- Solana’s top dogs, Bonk & Dogwifhat, both fell headlong over 13% in 24 hours.
- Santiment reports a yearly low on FOMO as traders exhibit indecisive behavior.
Fear Of Missing Out (FOMO) has cooled as memecoins face double-digit corrections on Wednesday, July 18, 2024. As the general crypto markets witness a severe downturn due to Bitcoin exchange-traded funds (ETFs) returning negative net flows for three days in a row, the sentiment surrounding large market-cap coins like Shiba Inu (SHIB), Dogecoin (DOGE), Pepe (PEPE), and others has dropped to a yearly low.
Noted by the blockchain research platform Santiment, the sudden change in sentiment surrounding meme coins serves as a buying opportunity for the “patient traders who have been waiting for the crowd to give up on these large-cap altcoins”. However, the volatile market conditions have imposed some reservations on crypto whales.
Whales Retreat Amid Whipsaw Price Moves
As the crypto markets continue to face turbulence, the aftershock of three consecutive days of negative Bitcoin ETF flows has extended to the altcoin market. To illustrate, the top-performing meme asset of the year, Pepe, plunged by 10% over the past 24 hours, piling up to a 27.7% deficit in two weeks. As of press time, PEPE trades at $0.00001025, according to CoinGecko.
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Shiba Inu succumbed to an identical 24-hour deficit, dropping below the $0.00002 key support line for the first time since early March 2024. The uncertain price movement for SHIB has resulted in major crypto players selling off their SHIB tokens or holding back from making any moves, despite some crypto analysts seeing a light at the end of the tunnel.
The stagnant whale movement was confirmed by IntoTheBlock, as the blockchain research platform reported a 56% drop in large transaction volume over the past 24 hours. However, the overall situation in Spot markets doesn’t share the same sentiment, as Shiba Inu’s trading volume has risen by 128% to $570M over the past 24 hours. With the scales almost perfectly balanced with both buyers and sellers sharing slightly above $11 million, this further confirms the market indecision.
Here’s Which Crypto Took the Biggest Hit
As the crypto markets brace the thunderstorm caused by Bitcoin ETF negative outflows and hawkish Federal stance on inflation, the bears have battered Solana’s memecoins somewhat harder than SHIB and PEPE. Indeed, the leading Solana meme coin Dogwifhat has plummeted to $2.00, arriving at a dangerously low support level which could apply additional sell pressure. The $2 price range for WIF remained uncharted territory since the monumental meme coin rally in March 2024.
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Two days earlier, one major Solana player got rid of a whopping 1,500,000 WIF tokens at a price range from $2.25 to $2.38. While the massive 1.5M WIF sell-off looked like a panic sale two days ago, Dogwifhat’s market price slipped significantly in the next two days. As of press time, WIF is changing hands at a three-month low of $1.95.
Dogwifhat’s older sibling, Bonk (BONK), also plunged severely but has yet to hit a 3-month low. According to independent price aggregator CoinGecko, BONK is currently ranked #67 by global market cap and is changing hands at $0.00002033.
On the Flipside
- One huge difference between Solana’s dog-themed coins is the supply.
- Whilst BONK has a huge supply of 93,526,183,276,778 coins, WIF is capped at 998M.
Why This Matters
Meme currencies have produced the strongest narrative in Q1 of 2024, topping a cycle peak of $56 billion in March.
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