Will Meme Coins Bounce Back? Whale Buys $25M Despite Market Crash

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In this context, Bitcoin is currently hovering slightly above $95,000, with the broader crypto market maintaining its value above $115 billion despite a crash. Among the altcoins, Dogecoin stands at around $0.35, Shiba Inu at $0.000021, Pepe at $0.000018, Pudgy Penguins at $0.0361, and BONK at $0.000029. These coins have seen volatility of up to 14% in the last 24 hours, with significant market caps ranging from $51 billion for Dogecoin to $2.27 billion for Pudgy Penguins and BONK. Amidst this crypto downturn, a large investor is reportedly making purchases.

Whale Goes All in on Meme Coins

For several hours now, a particular whale (with identities DWhU and D2Noa) has been purchasing various cryptocurrencies. Initially, it moved 7.24 million WIF tokens, valued at approximately $13.32 million, from dogwifhat.

7.24 million dollars’ worth of $WIF were taken out from Binance, equating to approximately 13.32 million dollars in total, and 1.87 million $POPCAT were removed from Bybit, which is equivalent to around 1.24 million dollars.

The whale also spent $6.1M $USDC to buy multiple meme coins.

Invested 4.65 million United States Dollars ($USDC) to acquire approximately 5.79 million Popcat tokens at a price of 0.80 each. Previously, this whale had transferred 1.89 million Popcat tokens to the Bybit platform.

— Onchain Lens (@OnchainLens) January 8, 2025

The withdrawal happened on Binance, which was followed by a whale transferring approximately 1.87 million Popcat tokens worth about $1.24 million. Additionally, this entity made an investment of around $14.5 million in Popcat, and also spent $6.1 million USDC. This large amount of USDC was used to purchase several meme coins.

On Bybit, a significant withdrawal took place. An entity transferred 1.87 million Popcat tokens, equivalent to approximately $1.24 million. Furthermore, the same entity made an investment worth around $14.5 million in Popcat, and also spent $6.1 million USDC, which was used to acquire multiple meme coins.

Or:

A withdrawal took place on Binance, followed by a whale transferring 1.87 million Popcat tokens worth approximately $1.24 million. Moreover, the same entity invested around $14.5 million in Popcat and spent an additional $6.1 million USDC to buy various meme coins.

On Bybit, there was a significant withdrawal, where an entity transferred 1.87 million Popcat tokens, equivalent to approximately $1.24 million. The same entity also invested around $14.5 million in Popcat and spent $6.1 million USDC on purchasing multiple meme coins.

Additionally, the whale continued its investment strategy by buying more Popcat tokens, as well as FWOG and MICHI. This whale invested a total of $4.65 million to obtain approximately 5.79 million Popcat tokens at an average price of $0.80 per token.

In addition, this entity shelled out approximately $979,000 to buy around 4.57 million FWOG units, with each costing an average of about $0.21. Lastly, the Whale obtained 3.9 million MICHI tokens at an average price of $0.12 by exchanging a total of $469,000 in USDC.

dogwifhat Price Puts 25% Downside Risk

In the last 24 hours, WIF experienced a significant plunge by approximately 9.85%, now being traded at $1.86. Over the same period, its volume reached $605.23 million, while the market cap stood at a whopping $1.84 billion and volatility was at 10.1%.

This week’s graph shows a decrease of 11.79%, but the meme currency continues to move laterally, fluctuating between its support level at $1.39 and an upper resistance at approximately $3.6442.

Although a temporary decrease might lead to a possible dip near $1.39, the overall market instability suggests a significant risk of falling around 25%.

Support Trendline Holds Popcat

In the realm of cryptocurrencies over the last day, I’ve noticed a drop in my Popcat investment – a meme coin built on the Solana network. It plummeted by 16.54%, leaving me with a current price of $0.66 per token. The market cap now stands at an impressive (yet slightly concerning) $665 million.

On the day-to-day graph, the price has dropped for five straight candles in a row and is currently challenging a significant support trendline. Due to the impact of a temporary resistance barrier, the Popcat meme token finds itself at a critical juncture.

In other words, although there’s a discrepancy between the RSI line’s bullish trend and the overall market direction, it suggests an upcoming bullish reversal might occur. If this reversal rally exceeds the short-term resistance levels, potential price targets could reach $1, then $1.52 and finally $2.10.

Meme Coin Revival?

In the midst of this tumultuous crypto market downturn, I find myself taking note of a substantial buying spree by a so-called ‘whale.’ This whale, with a war chest of over $25 million, has been actively snapping up tokens from the meme coin market—specifically WIF, POPCAT, FWOG, and MICHI. It’s clear that this whale sees the current low prices as an opportunity rather than a setback.

In contrast to their significant drops, the bullish RSI divergence in Popcat suggests possible recovery points. Yet, since the overall market is unpredictable with its high volatility, investing during such turbulence could be seen as a daring decision.

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2025-01-08 14:45