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Memecoin Market Crashes Following Massive Whale Sell-off

According to CoinGecko, the total market value of memecoins fell by more than 12% to $113.32 billion as whales exited the market.

Meanwhile, Dogecoin (DOGE) fell 8.5% to $0.33 and Shiba Inu (SHIB) fell 7%.

Analytics platform Spotonchain reported that a whale made a profit of $2.15 million by selling 427 billion Pepe tokens (PEPE) worth $8.49 million on the Kraken exchange.

Another whale also sold 74.483 billion Mogcoin (MOG) tokens worth $177,736.

However, another whale bought $18 million worth of memecoin, which had no effect on the downward trend in prices.

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