Dogecoin's large investors have shed their DOGE holdings as another meme coin has dominated it lately. PEPE — derived from the "Pepe the frog" meme — has yielded over 350% gain since April 26.
The former, which was recently the toast of the crypto community, has now been surpassed by a meme coin. But, as is customary in crypto, many investors have moved on to the next big thing.
Let's consider what transpired.
DOGE has undergone a dramatic decrease in token holdings by large wallet investors. The Shiba Inu-themed meme coin, once ranked first in market capitalization, has recently dwindled.
Whale wallet holders are a vital metric that signifies the sentiment of large wallet investors on a token. To that end, a spike in whale wallet holdings is a bullish signal for the asset; on the other hand, a decline in holdings indicates a loss of interest from whales.
Data from crypto intel tracker Santiment showed that its whales HODLing between 1,000,000 and 100,000,000 tokens had shed over 590 million of the coin. This amount is equivalent to $43.23 million based on its current price.
According to CoinMarketCap, it has dropped by 4.6% over the past seven days and is now trading slightly above the $0.08 zone at $0.0802. However, there are speculations that its price could likely plummet toward its next resistance zone at $0.069 or lower.
This incident is far from what price it was barely a month ago. At the beginning of April, its value grew by about 30% — to around $0.1004 — after Elon Musk's bold Twitter move.
Now, whales have been dumping it in large quantities, leading to an overall drop in value. But, in a twist of fate, its whale dump has coincided with PEPE's fantastic rise.
The meme coin, PEPE, has witnessed a fantastic surge in value lately. It has yielded more than 350% profit for its HODLers since April 25.
The new darling of the crypto community, PEPE has grown in terms of its price and market capitalisation. Per reports from news sites, its market cap has exploded to $502 million, more than a 2000% rise since it was issued in April.
PEPE has a total circulating supply of 429 trillion, of which 93.1% has already been burnt and sent to the liquidity pool. This has left just 6.9% for CEX listings, bridges, and liquidity pools.
The 24-hour trade volume of PEPE has surpassed that of Shiba Inu and DOGE as of May 2. Data from CoinGecko shows that PEPE's trade volume of $434 million has exceeded that of DOGE at $312 million.
Recently, an investor swapped 0125 ETH worth $250 to 5.9 trillion PEPE worth $1.02 million. An occurrence like this would encourage other investors to pitch their tents with PEPE to replicate this win.
Therefore, PEPE's current market performance speaks volumes of changing sentiment of DOGE traders towards the former. Although time will tell if the meme coin is a contender or a mere pretender, the fact remains that it has seized the spotlight for itself and is not slowing down.
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