The meme coin market took a major hit this past week, with Shiba Inu (SHIB) dropping over 20% to $0.000022. Investors in SHIB faced a devastating 43% loss, marking one of the worst declines in recent months. Other popular meme coins like Dogecoin, Pepe, and Bonk also saw significant price drops.
Shiba Inu, which many investors hoped would recover, fell even further to $0.000020 as the overall crypto market faced pressure from Bitcoin's recent downturn. This sharp decline has served as a wake-up call for many investors, highlighting the unpredictable nature of highly speculative meme coins.
On-chain data from IntoTheBlock reveals a bearish outlook for SHIB, with 43% of its investors in losses and only 53% in profit. Metrics such as net network growth and large transaction volumes are also signaling a negative trend. Over the past 24 hours alone, SHIB has lost 12.6% of its value, following a 25% drop last week and a 15% decline the previous month.
Adding to the turbulence, large holders, or "whales," have been offloading their SHIB holdings. Blockchain tracker LoonOnChain reported that one whale sold 250 billion SHIB for $6.05 million. Interestingly, this same whale had originally purchased 15.28 trillion SHIB in 2020 for just $3,800, earning an impressive $109 million in profit before liquidating.
According to Bitfate, panic selling has pushed meme coins into the "red zone," with the total market value of meme coins dropping by 16% to $97.4 billion, as reported by CoinGecko.
Crypto analyst Isak attributes the poor performance of meme coins to Bitcoin’s recent decline, stating that most meme coins are now trading 90% below their all-time highs. He believes this signals the onset of a bear market and the end of the recent bull run.
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B #DOGE #PEPE