SHIB and PEPE Whales Accelerate Dumping Spree amid Bitcoin-Led Crypto Correction

As a researcher with extensive experience in the cryptocurrency market, I find the recent developments quite intriguing. With over $300 million in leveraged crypto trading liquidated within the past 24 hours and Bitcoin price hovering around $60k, it’s clear that the market is experiencing significant volatility. The correction has been driven by several factors, including ebbing demand for spot Bitcoin ETFs and increased worry among investors.

As a researcher studying the crypto markets, I’ve uncovered that over $300 million in leveraged positions were liquidated within the past 24 hours. The majority of these trades involved long positions, with Bitcoin (BTC) trading below the $60k mark. Consequently, the total cryptocurrency market capitalization dipped to approximately $2.36 trillion. During the early European session, Bitcoin hovered around $60.6k.

As a crypto investor, I’ve noticed that the waning interest in buying spot Bitcoin ETFs in the US market has played a significant role in the recent market correction. Additionally, based on the Bitcoin fear and greed index readings, it appears that investor sentiment is leaning more towards fear rather than greed, suggesting potential bearish trends ahead.

Market experts are convinced that the present moment offers an excellent opportunity for investors to buy, potentially drawing in more long-term investors and resulting in a sharp market recovery.

Meme Coin Crypto Whales Accelerate Profit-Taking

As an analyst, I’ve observed a significant shift in the meme coin market, with Dogecoin (DOGE) spearheading this trend. The industry has experienced a substantial loss of over $20 billion within the past few weeks, shrinking from approximately $69.6 billion to around $49.6 billion by Tuesday. This correction in the crypto market has prompted whale traders to increase their profit-taking activities in the meme coin sector. Furthermore, it’s important to note that Bitcoin’s price movements could potentially lead the broader crypto industry towards further losses before a potential parabolic rally takes place.

Large whale investors transferred approximately $25.95 million in Shiba Inu ($SHIB) and Pepe ($PEPE) tokens to Binance within the last 14 hours. Could this indicate a bearish sentiment among whales towards Ethereum and meme coins?
1. Whale 0x42a deposited all 1.088T $SHIB ($18.12M) ~14 hours ago.
• Accumulation period: Nov and Dec 2023 (the market bottom).
— Spot On Chain (@spotonchain) June 25, 2024

Based on information from on-chain analysis by spotonchain, a significant Shiba Inu (SHIB) investor holding approximately 1.088 trillion coins towards the end of last year, transferred all their coins to Binance yesterday. This action yielded an estimated earnings of around $8 million for the trader.

This afternoon, a significant crypto investor transferred over 700 billion PEPE tokens, equivalent to approximately $8 million, into Binance’s holdings.

What Next?

As a market analyst, I can tell you that the meme coin sector is expected to experience increased volatility due to the ongoing crypto adoption by institutional investors. If Bitcoin’s price remains uncertain in the upcoming weeks, it’s likely that most meme coins will continue to decline before buyers manage to regain control of the market.

The TD Sequential indicator signals purchasing opportunities on the daily charts of Solana, Shiba Inu, and Cardano, indicating that a price recovery is likely for these altcoins.

— Ali (@ali_charts) June 25, 2024

As a crypto analyst, I’ve observed a potential turnaround in the altcoin market, spearheaded by Shiba Inu, Solana (SOL), and Cardano (ADA). Based on my analysis using the daily TD Sequential indicator, a buy signal has been triggered.

Amidst the growing clamor for a market recovery, a cryptocurrency investor has recently purchased approximately 1 million units of Dogecoin (WIF), valued at roughly $1.6 million. Presently, this investor owns around 3.97 million WIF, which translates to a total value of about $7.3 million.

Bigger Picture

The impending $9 billion sell-off by Mt. Gox is causing ripples of fear in the cryptocurrency market. Furthermore, this planned sell-off could erase nearly half of the profits generated through US spot Bitcoin ETFs since their launch.

The behavior of the meme coin market is expected to align with crypto rotation trends. Consequently, investors in digital currencies need to keep a keen eye on the effects of the upcoming Ethereum ETF listings in the US stock markets.

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2024-06-25 12:51