Between July 1 and 15, DOGE saw its value drop by more than 50%, while PEPE plummeted by 36%. Other meme coins like Dogwifhat (WIF) and Shiba Inu (SHIB) also declined dramatically during the same period.
In the past 24 hours, the value of meme coins such as Dogecoin (DOGE) and Pepe (PEPE) has dropped significantly. According to data from CoinMarketCap, both tokens have lost more than 2% and 4% of their values, respectively.
The decline comes after an initial surge in meme coin prices following news of Donald Trump’s near-death experience in Pennsylvania last Saturday. The news had initially buoyed the crypto market, with Bitcoin (BTC) and Ethereum (ETH) also seeing significant gains.
Immediate Market Reaction
After Trump’s incident, the crypto industry reacted positively. Bitcoin, which had been trading around $58,000, surged to nearly $67,000. Similarly, Ethereum jumped from its July low of $3,000 to around $3,400.
However, by Thursday, these gains were reversed, and the prices of DOGE and PEPE followed suit, declining along with BTC and ETH. The trend continued on Friday, with the meme coin sector shedding millions in market value.
Between July 1 and 15, DOGE saw its value drop by more than 50%, while PEPE plummeted by 36%. Other meme coins like Dogwifhat (WIF) and Shiba Inu (SHIB) also declined dramatically during the same period.
Despite this massive decline, some investors see it as a good buying opportunity to top up their bags. On July 18, whales reportedly accumulated a total of 16 million DOGE in a single day in anticipation of imminent gains.
This type of huge market purchase was last seen in May when blockchain analyst Ali Martinez announced on X (formerly Twitter) that whales scooped up to 700 million DOGE, worth approximately $12 million, in three days.
According to the analyst, the tokens were acquired in tranches, with each unit containing more than 200 million DOGE.
Whale Activity and Market Predictions
The whales’ activities aligned with previous predictions made by blockchain trading company QCP Capital, which said in May that whales are shifting their interests from utility tokens to memes.
According to the firm, investors have shifted their attention from digital assets like Solana (SOL), Ripple’s XRP, and Cardano’s ADA to “higher beta meme tokens” such as DOGE, SHIB, and PEPE.
QCP Capital also noted that these meme coins are “ranking in the top 10 for open interest”, with Shiba Inu and Pepe experiencing double-digit gains in recent days.
Despite the lack of utility, the meme coin market has been known to make people rich. The crypto industry has recorded a series of incidents where traders turned into millionaires after investing in memes.
Earlier this week, a crypto trader made $8 million in pure profits after purchasing MAGA (TRUMP). The meme went haywire following the news of Trump’s attack on July 13. Interestingly, the trader only spent 540,700 USDT to cash out $8 million.
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