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.
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.
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