The post Shiba Inu (SHIB) and Pepe (PEPE) Whales on Dumping Spree Amid Ongoing Crypto Correction appeared first on Coinpedia Fintech News
The total cryptocurrency market cap continued in a downtrend in the past 24 hours, led by Bitcoin (BTC), which briefly teased below $60k before stabilizing around $61k on Tuesday during the early European session. The notable cryptocurrency drop resulted in more than $300 million in total liquidations, mostly involving long traders.
Meme Coins Heavily Hit
Amid the ongoing crypto market correction, the total valuation of meme coins has slipped from nearly $70 billion to around $47 billion at the time of this report. The high crypto speculation has increased the overall fear of further correction in the coming weeks before the ultimate altseason pump.
According to the latest market data, Ethereum-based Shiba Inu (SHIB) is down 30 percent in the last four weeks to hover around $0.0000173 on Tuesday. Similarly, frog-themed Pepe (PEPE), with a fully diluted valuation of about $4.88 billion and a daily average traded volume of approximately $939 million, has shed more than 22 percent in the past four weeks to trade about $0.00001161.
Meme Coin Whales Accelerates Market Dumps
With Bitcoin price action signaling further correction, some crypto traders have opted to watch from the sidelines. According to on-chain data analysis, a Shiba Inu whale address that accumulated between November and December last year deposited all the coins in Binance, worth around $18.12 million
Another different whale deposited 700 billion PEPE, worth over $7.8 million, in Binance and currently holds around 800 billion PEPE.
Bigger Picture
Despite the accelerated crypto market dump, popular crypto analyst Ali Martinez believes a strong rebound will materialize in the coming days. Moreover, there is an accelerated call to buy the dip in anticipation of a market rebound in the near term.