2024

Memecoin

MEME

Memecoin price, a native ecosystem token of Memeland, has witnessed a notable decline in value recently. Over the past week, the MEME has charted a descending trend, suggesting that bears have taken control amidst broader market corrections.
<h2 id="strong-meme-price-decline-as-whale-activity-intensifies-strong">Meme Price Decline as Whale Activity Intensifies</h2>
Memecoin (MEME) <a href="https://coingape.com/best-presales-on-binance-chain/" rel="noopener noreferrer nofollow">pre-sale </a>investors deposited a staggering 127.5 million $MEME, equivalent to $1.55 million, into the cryptocurrency exchange Binance. This strategic move resulted in the investor’s impressive profit of $1.41 million.&nbsp;
Memecoin successfully raised $15.8 million through two rounds of pre-sales. The initial pre-sale price was set at $0.001 per $MEME.
<blockquote class="twitter-tweet">
 A Memecoin pre-sale investor deposited 127.5M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24MEME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MEME</a>($1.55M) to <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> 1 hour ago, earning $1.41M.
 Memecoin( <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24MEME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MEME</a>) raised $15.8M through 2 rounds of pre-sales, the pre-sale price is $0.001.<a rel="noopener noreferrer nofollow" href="https://t.co/bGorr47HDo">https://t.co/bGorr47HDo</a> <a rel="noopener noreferrer nofollow" href="https://t.co/WRsOczSTup">pic.twitter.com/WRsOczSTup</a>
 — Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1819607099024069063?ref_src=twsrc%5Etfw">August 3, 2024</a>
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The deposit of such a large amount of $MEME into Binance could have a varied impact on the meme coin’s market price. The influx of a substantial volume of tokens might increase liquidity, making it easier for other investors to buy or sell the cryptocurrency.
<h2 id="strong-could-meme-price-hit-0-01-soon-amid-market-corrections-strong">Could MEME Price Hit $0.01 Soon Amid Market Corrections?</h2>
At the time of writing, the <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/meme/">MEME price</a> is trading at $0.01191, down 10.27% during the European session. The meme coin has seen fluctuating fortunes, reaching a high of $0.01347 and a low of $0.01174, indicating significant daily volatility.
<figure id="attachment_210914" aria-describedby="caption-attachment-210914" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-210914" src="https://coingape.com/wp-content/uploads/2024/08/MEMEUSDT_2024-08-03_18-33-32.png" alt="Meme Price Plunges as Whale Sell-Off Raises Concerns: Is More Downside Ahead?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/MEMEUSDT_2024-08-03_18-33-32.png 1154w, https://coingape.com/wp-content/uploads/2024/08/MEMEUSDT_2024-08-03_18-33-32-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/MEMEUSDT_2024-08-03_18-33-32-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/MEMEUSDT_2024-08-03_18-33-32-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-210914" class="wp-caption-text">
 Meme Price Chart By <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/k9VB0zmY/">TradingView</a>
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Meme price is currently hovering around a critical support level. If this level fails, it could precipitate a decline, pushing the MEME price to fall below the $0.0115 mark. This downward trajectory could reach the $0.011 support zone, suggesting a market overwhelmingly controlled by sellers.
The technical indicators for the Memecoin price show a downward trend against Tether (USDT). The<a href="https://coingape.com/glossary/rsi-relative-strength-index" rel="noopener noreferrer nofollow"> Relative Strength Index</a> (RSI) stands at 19, indicating an oversold condition.
Additionally, the Awesome Oscillator (AO) displays a pattern of red bars, indicating a bearish selling momentum has been in place.&nbsp;
<blockquote class="twitter-tweet">
 5 wallets(may belong to the same person) sold 14.53M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($24M) 7 hours ago!
 Incredibly, this guy bought 14.53M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> on Nov 30, 2023, and the cost was only $5,340!
 He got a 4,497x return!
 If he sold at the highest price, he would have made a profit of more than $69M, a 12,927x… <a rel="noopener noreferrer nofollow" href="https://t.co/Of1kpEwOze">pic.twitter.com/Of1kpEwOze</a>
 — Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1819585512501661794?ref_src=twsrc%5Etfw">August 3, 2024</a>
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In a significant development in the <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">meme coin</a> sector, five wallets, potentially owned by a single individual, sold 14.53 million $WIF tokens valued at approximately $24 million just seven hours ago.&nbsp;
This transaction marks a staggering return on investment for the owner, who originally purchased the same amount of $WIF on November 30, 2023, for merely $5,340.
The profit realised from this sale is astronomical, showcasing a 4,497-fold increase from the initial investment. Had the tokens been sold at their peak value, the profit could have escalated to more than $69 million, translating to a return of 12,927 times the original amount. This event underscores the volatile and potentially lucrative nature of investments within the meme coin market
Conversely, a resurgence of positive sentiment could elevate the MEME price beyond the $$0.012 barrier. Surpassing this point may pave the way for a rise to $0.013. If bullish momentum continues to build, Meme may even breach the $0.016 level.
The post <a href="https://coingape.com/markets/meme-price-plunges-as-whale-sell-off-raises-concerns-is-more-downside-ahead/" rel="noopener noreferrer nofollow">Meme Price Plunges as Whale Sell-Off Raises Concerns: Is More Downside Ahead?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Meme Price Plunges as Whale Sell-Off Raises Concerns: Is More Downside Ahead?

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