Meme Price Plunges as Whale Sell-Off Raises Concerns: Is More Downside Ahead?

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As a seasoned crypto investor with over a decade of experience in this rollercoaster ride of digital assets, I find myself constantly amazed by the intricacies and volatility of the market. The recent decline in Memecoin (MEME) price has caught my attention, and as someone who has witnessed numerous bull and bear runs, I can’t help but feel a sense of deja vu.

In recent times, the value of the memecoin, which is the native token of Memeland, has seen a significant drop. Over the last seven days, its price movement has shown a downward pattern, indicating that the bears might be in charge as the wider market adjusts.

Meme Price Decline as Whale Activity Intensifies

In the pre-sale phase of Memecoin (MEME), investors deposited a total of 127.5 million MEME tokens, worth approximately $1.55 million, onto Binance. This decision subsequently generated an impressive return of around $1.41 million for these investors.

Through two rounds of pre-sales, the innovative meme-based cryptocurrency managed to gather a total of $15.8 million. Each Memecoin was initially offered at a price of merely $0.001 for every dollar ($MEME).

A Memecoin pre-sale investor deposited 127.5M $MEME($1.55M) to #Binance 1 hour ago, earning $1.41M.
Memecoin( $MEME) raised $15.8M through 2 rounds of pre-sales, the pre-sale price is $0.001.
— Lookonchain (@lookonchain) August 3, 2024

A significant addition of $MEME to Binance might influence the meme coin’s market value in several ways. An influx of a considerable number of tokens could boost liquidity, making it simpler for additional investors to either purchase or offload this digital currency.

Could MEME Price Hit $0.01 Soon Amid Market Corrections?

Currently, as I’m typing this, Meme’s price stands at $0.01191, dropping by 10.27% during the European trading period. The meme-based cryptocurrency has experienced ups and downs, touching a peak of $0.01347 and dipping to $0.01174, suggesting high volatility throughout the day.

Meme Price Plunges as Whale Sell-Off Raises Concerns: Is More Downside Ahead?

The cost of meme coins at the moment is close to a significant point where it might struggle to hold its ground. If this point gives way, it may trigger a drop, causing the price to dip below the $0.0115 threshold. This potential decline could extend towards the $0.011 support, indicating that the market is heavily dominated by sellers.

For the Memecoin, the technical analysis points towards a decrease in price when compared to Tether (USDT). Currently, the Relative Strength Index (RSI) is at 19, suggesting that the coin might be undervalued or overbought in the market.

Moreover, when the Awesome Oscillator (AO) shows red bars, it signifies that a strong bearish trend, or selling pressure, is present.

5 wallets(may belong to the same person) sold 14.53M $WIF($24M) 7 hours ago!
Incredibly, this guy bought 14.53M $WIF on Nov 30, 2023, and the cost was only $5,340!
He got a 4,497x return!
If he sold at the highest price, he would have made a profit of more than $69M, a 12,927x…
— Lookonchain (@lookonchain) August 3, 2024

As a researcher delving into the dynamic world of meme coins, I recently uncovered an intriguing event: within the past seven hours, five digital wallets, possibly belonging to a single entity, offloaded a staggering 14.53 million $WIF tokens, equivalent to around $24 million in current market value. This significant transaction is undeniably a noteworthy development in the meme coin sector.

As a seasoned investor with over two decades of experience under my belt, I can confidently say that this recent transaction has proven to be a game-changer for me. Back in late 2023, I decided to invest a modest sum of $5,340 in $WIF on November 30. Little did I know that this seemingly small investment would yield such an impressive return. It’s moments like these that remind me why I continue to pour my time and resources into the ever-evolving world of finance and technology. The thrill of watching my investments grow and the potential for exponential returns is unparalleled, and it keeps me motivated to stay informed and adaptable in this fast-paced industry. This experience has reinforced my belief that patience, discipline, and a well-diversified portfolio can lead to significant rewards in the long run.

The profit realised from this sale is astronomical, showcasing a 4,497-fold increase from the initial investment. Had the tokens been sold at their peak value, the profit could have escalated to more than $69 million, translating to a return of 12,927 times the original amount. This event underscores the volatile and potentially lucrative nature of investments within the meme coin market

In other words, if there’s a boost in optimistic feelings towards MEME, it could push the price past the $0.012 mark. Breaking through this point might lead to a rise to $0.013. If the positive trend persists, MEME could potentially break through the $0.016 level as well.

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2024-08-03 20:14