Whales Spark Optimism In Memecoin Market to Draw Retail Investors
Release: 2024/12/09 09:04 Reading: 956
- Original author：Crypto News Land
- Original source：https://cryptonewsland.com/?p=203981
Memecoin Market Manipulated by Large Wallet Holders
December 9, 2024
News
Large wallet holders in the cryptocurrency market are driving price increases in memecoins, creating a Fear of Missing Out (FOMO) atmosphere among retail investors.
Impact on Market Cap
Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) have seen significant gains since November 5th, primarily due to the activity of these large holders. DOGE, for instance, has jumped 241%, while PEPE has surged by 243%.
Profit-Taking and Market Retracement
However, market analysts at Santiment predict that profit-taking by these large wallets could lead to a market retracement, despite the current bullish momentum. However, certain tokens such as PEPE are exhibiting strong performance, indicating potential for further gains.
Mixed Performance in Memecoins
Despite the overall positive trend, individual memecoins have experienced fluctuations. WIF and BONK faced retracements after their initial surges, highlighting the volatility of the market.
Market Dynamics
Santiment emphasizes that the market is heavily influenced by the actions of large wallet holders. By initiating price breakouts, these holders attract retail investors and boost market activity. Once sufficient FOMO is generated, they are likely to sell their positions, leading to potential market retracements.
Disclaimer
Crypto News Land provides independent news and does not offer investment advice. Readers should conduct their own research and consult with experts before making any investment decisions.
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