Dogecoin Whale Sells 86 Million DOGE, Affecting Price
A recent development in the world of Dogecoin (DOGE) has caused a significant drop in its price. A Dogecoin whale, who held a large amount of DOGE, decided to sell off 86 million coins in order to take profits. This move has had a negative impact on the meme coin’s price, which has been on a downward trend ever since.
Details of the Transaction
According to on-chain data, the whale deposited 86 million DOGE into the popular crypto exchange Robinhood. The intention behind this was to capitalize on the recent surge in DOGE’s price and make a profit. However, it seems that the whale still believes in the long-term potential of DOGE, as they have since repurchased a significant amount of coins and continue to hold a substantial portion of their holdings.
Reasons for Profit-Taking
The sale of such a large amount of DOGE by the whale has caused the price of Dogecoin to dip. This is not surprising considering that DOGE and other meme coins have been leading the altcoin market with significant gains in recent weeks. It is only natural for investors to seize the opportunity to take some profits when they see such impressive returns.
A Week of Profit-Taking
This week has seen several instances of profit-taking within the meme coin ecosystem. In addition to the Dogecoin whale, there have been reports of Shiba Inu (SHIB) and PEPE whales who earned millions from selling their meme coin holdings. This wave of profit-taking has contributed to the notable drop in prices for both DOGE and SHIB, with both tokens experiencing declines of over 6% and 18% respectively in the past seven days.
Surprising Performances of Solana-Based Meme Coins
While DOGE and SHIB have faced downward pressure, meme coins based on the Solana blockchain have managed to buck the trend. One standout example is Book of Meme (BOME), which has experienced impressive growth since its recent launch. BOME has already reached a market capitalization of $1 billion and has been listed on major cryptocurrency exchanges.
Another Trader Profits from Meme Coins
Spot On Chain, an on-chain analysis platform, recently shared details about a trader who made millions from their SHIB investment. This trader bought 1.741 trillion SHIB at an average price of $0.000009272, spending a total of $16.146 million. They then sold all their SHIB for $39.668 million at an average price of $0.00002278, resulting in a gain of $23.5 million. The same trader also realized profits of $46.53 million from FLOKI and BIGTIME.
Additionally, other smart traders, including Rune Christensen, the founder of MakerDAO, have also taken profits from their SHIB holdings in the past week, causing further downward pressure on its price.
Conclusion: A Week of Profit-Taking Impacting Meme Coins
The recent profit-taking activities within the meme coin ecosystem have had a significant impact on prices. While DOGE and SHIB have experienced notable declines, Solana-based meme coins like BOME have continued to perform well. It remains to be seen how these developments will shape the future of meme coins and whether they will regain their previous momentum.
Hot Take: Profit-Taking Shakes Meme Coin Market
A recent surge in profit-taking has shaken the meme coin market, with Dogecoin (DOGE) and Shiba Inu (SHIB) experiencing significant declines in price. The actions of a Dogecoin whale, who sold off a large portion of their DOGE holdings, have contributed to the downward trend. However, Solana-based meme coins have managed to defy this trend and have shown impressive growth. The market for meme coins remains unpredictable, and it will be interesting to see how it evolves in the coming weeks.
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