Dogecoin, Bonk, Pepe Prices in Freefall as Investors Dump for New ICO
Dogecoin has fallen by 3% in the past 24 hours, dropping to $0.117 as the crypto market as a whole loses 1% today.
It’s not the only major meme coin that has taken a significant hit today, with Bonk down by 1% and Pepe losing 3.5%.
Traders are seemingly losing confidence in the largest meme tokens, as the market weathers an unsettled period marked by the anti-climax of the recent Ethereum ETF approvals.
And many are apparently turning to presales, with ERC-20 token The Meme Games (MGMES) now raising $300,000 in its token offering as it increasingly attracts more investors.
It’s worth taking a quick look at the Dogecoin chart, since it’s indicative of the performance of most other major meme tokens.
As the chart below shows, DOGE has spent much of the past week declining, while it has fallen consistently since the end of March.
It’s now down by 10% in a week, while PEPE has fallen by 14% in seven days and BONK by 15%.
This is a worse performance than the average for non-meme tokens in the top 100, with Ethereum down by a much less serious 3% in the past week.
It’s therefore clear that, while they may benefit disproportionately during booms, they also suffer disproportionately during selloffs and downturns.
Indeed, whales have been selling their stockpiles of PEPE and other meme coins in the past few days, depriving these coins of the demand to make quick comebacks.
A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.
The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.
His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9
— Lookonchain (@lookonchain) August 1, 2024
As such, it may be a while before we see
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