CDS Crypto News Meme Coin Sell-Offs Surge as Crypto Investors Lock in Profits Amid Market Downturn
Crypto NewsCrypto News

Meme Coin Sell-Offs Surge as Crypto Investors Lock in Profits Amid Market Downturn

39
Meme Coin Sell-Offs Surge as Crypto Investors Lock in Profits Amid Market Downturn

Meme Coin Sell: Investors Cash Out Profits as the Crypto Market Declines

Meme Coin Sell– As Bitcoin drops to a two-month low of $57,500, many crypto investors are strategically pulling out of volatile meme coins. The broader market downturn has hit these speculative digital assets hard, resulting in significant sell-offs.

This week, some investors have started taking profits. However, they still hold a substantial amount of meme coins, hoping for a market rebound.

Pepe, Dogwifhat, and MICHI See Major Sell-Offs by Crypto Investors

After 10 months of inactivity, Dimethyltryptamine.eth, the owner of the wallet address 0x4a2, has made a comeback. According to Spot On Chain, this crypto whale swapped 10 billion Pepe (PEPE) for $112,000, converting them into 32.73 Ethereum (ETH) at a rate of $0.0000112118.

Despite the market’s volatility, this investor still holds a staggering 1.99 trillion PEPE, currently valued at $22.35 million. This represents an incredible 59,600% increase in value. Additionally, their portfolio includes other meme coins, with 711.7 million Wojak (WOJAK) and 147.5 billion Mog Coin (MOG), showing unrealized profits of $457,000 and $824,000 respectively. These figures highlight the significant gains still achievable in the ever-fluctuating meme coin market.

In another major move, an investor known as BxPMj transferred 900,000 Dogwifhat (WIF) tokens, worth $1.64 million, to the centralized exchange Bybit. Despite the market downturn, BxPMj still holds WIF tokens valued at an estimated $1.76 million.

Additionally, J2GcK, the owner of a Solana (SOL) wallet, sold 8.6 million michi (MICHI) for $1.34 million, realizing a profit of $1.24 million. Originally, J2GcK had invested 578 SOL, worth $103,000, to buy these tokens between April 8 and April 15. At their peak, the MICHI tokens were valued at over $5 million, showcasing the high volatility and potential profits in meme coin investments.

Meme Coin Sell-Offs Surge as Crypto Investors Lock in Profits Amid Market Downturn
Meme Coin Sell-Offs Surge as Crypto Investors Lock in Profits Amid Market Downturn 1

On the other hand, meme coins like Dogecoin (DOGE) and DOG•GO•TO•THE•MOON haven’t been hit as hard, with declines of 8.6% and 7.6% respectively.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Meme Coin Sell-Offs Surge as Crypto Investors Lock in Profits Amid Market Downturn

Leave a comment

Leave a Reply

Related Articles

Understanding BTC Price’s Long-Term Investment Potential

Understanding BTC Price's Long-Term Investment Potential

Shiba Inu ETF Speculation Triggers 4000% Surge in SHIB Burn

Shiba Inu ETF Speculation Triggers 4000% Surge in SHIB Burn

OpenAI Develops New AI Model Codenamed ‘Strawberry’

Strawberry builds on OpenAI’s Q* project, introduced in November 2023, which is...

Crypto News- MakerDAO’s $1 billion treasury investment initiative gains attention from BlackRock’s BUIDL

MakerDAO's upcoming competition to allocate funds next month is poised to significantly...