With Bitcoin hitting a two-month low of $57,500, numerous crypto investors are strategically exiting the volatile meme coins. The broader market downturn has particularly impacted these digital assets, known for their speculative nature, leading to significant sell-offs.
Some investors have started taking profits this week. However, they are still holding a significant amount of meme coins, waiting for the market to recover.
Crypto Investors Sell Pepe, Dogwifhat, and MICHI
“Dimethyltryptamine.eth,” which owns 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 into 32.73 Ethereum (ETH) at a rate of $0.0000112118.
Despite the market volatility, this investor still owns 1.99 trillion PEPE, which is currently valued at $22.35 million, representing a staggering 59,600% increase in value.
Read more: 7 Popular Meme Coins and Altcoins That Will Trend in 2024
Moreover, this investor holds significant amounts of other meme coins. Their portfolio includes 711.7 million Wojak (WOJAK) and 147.5 billion Mog Coin (MOG), with unrealized gains of $457,000 and $824,000, respectively. These figures highlight the significant profits that are still possible in the volatile meme coin market.
In another significant move, BxPMj transferred 900,000 Dogwifhat (WIF) tokens worth $1.64 million to centralized exchange Bybit. Despite the market downturn, BxPMj’s remaining WIF holdings are valued at $1.76 million.
Additionally, Solana (SOL) wallet owner J2GcK sold 8.6 million michi (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 profitability of investing in meme coins.
Earlier in an interview with BeInCrypto, Tristan Dickinson, Chief Marketing Officer of EOS Network, spoke about the behavior of crypto whales.
“Whales follow market trends and take advantage where they see an opportunity. Just as easily as they can liquidate, putting downward pressure on the market, they can hold positions if they see an opportunity,” Dickinson told BeInCrypto
The meme coin sector is currently down about 13% in the last 24 hours. WIF, among the top 10 meme coins, has seen the biggest drop, falling 13.2%.
Read More: 11 Best Solana Meme Coins to Watch in July 2024
In contrast, meme coins such as Dogecoin (DOGE) and DOG•GO•TO•THE•MOON faced less severe impacts, with declines of 8.6% and 7.6%, respectively.
