Whales Welcome 300 Million MEME Tokens: Will Memecoin Emulate the Pepe Coin Phenomenon?

Crypto News– According to data provided by Lookonchain, a prominent Web3 data analysis tool, the crypto community has been closely monitoring two significant whale movements that recently received substantial MEME airdrops as of November 8.

Memecoin, backed by the dynamic Memeland project, has made waves in the crypto space with its recent debut on various cryptocurrency exchanges. Since its launch, the token has generated considerable speculation among crypto enthusiasts, with its value surging by over 2500%, as previously reported by Coingape media earlier this month.

Whales Welcome 300 Million MEME Tokens: Will Memecoin Emulate the Pepe Coin Phenomenon?

These latest whale transactions bear a resemblance to the market dynamics witnessed with Pepe Coin, which experienced a price surge earlier this year following substantial purchases of Pepe tokens by large whales. Drawing from this similarity, some analysts are anticipating that Memecoin might embark on a comparable rally to what Pepe Coin witnessed.

According to Lookonchain’s data, an address under the name memeland.eth reportedly received a substantial 77 million MEME tokens, equivalent to $1.39 million, via airdrops from an undisclosed address, represented as 0xb1911D….bE6ea675c1Ce7. Notably, the same memeland.eth address also received a noteworthy 138 million MEME tokens, totaling $2.49 million, via FireSales from another unidentified address, labeled as 0xE6f3494E8….5D90Dc3704.

In addition to these transactions, another notable movement in the crypto community involves an address named degensfund.eth, which received 57.93 million MEME tokens, valued at $1.04 million, via airdrops from wallet address 0xb1911D…675c1Ce7. Intriguingly, the same degensfund.eth address received 27.14 million MEME tokens, amounting to $489K, via FireSales from a different unidentified address represented as 0xE6f349…90Dc3704. These transactions have piqued the interest of crypto enthusiasts and have contributed to the overall excitement surrounding Memecoin’s prospects in the market.

Memecoin Experiencing a Downturn in Value

At the time of this report, Memecoin’s price has experienced a slight decline of 4.94%, settling at $0.01793 as of the present day. Moreover, over the course of the past week, the MEME token’s price has notably dropped by 33.49%. While the twenty-four-hour trading volume has seen an increase of 8.49%, the token’s market capitalization has declined by 4.96%.