As sellers dominate the crypto market trend, meme coins are painted red. Is this the moment to buy?
With Bitcoin BTC $108 728 24h volatility: 0.2% Market cap: $2.16 T Vol. 24h: $34.25 B fluctuating slightly above the $95,000 level, the crypto market crash has seen the altcoin market sustain its valuation above $115B. With Dogecoin DOGE $0.22 24h volatility: 1.4% Market cap: $32.41 B Vol. 24h: $1.36 B , Shiba Inu SHIB $0.000012 24h volatility: 2.2% Market cap: $7.27 B Vol. 24h: $173.16 M , Pepe PEPE $0.000010 24h volatility: 2.6% Market cap: $4.13 B Vol. 24h: $392.45 M , Pudgy Penguins PENGU $0.0299 24h volatility: 3.8% Market cap: $1.88 B Vol. 24h: $231.65 M , BONK BONK $0.000022 24h volatility: 11.3% Market cap: $1.71 B Vol. 24h: $611.96 M , and other top meme coins crashing more than 10%, a whale is on a buying spree.
Whale Goes All in on Meme Coins
Over the past few hours, a whale, with buying addresses DWhU and D2Noa, has acquired multiple coins. Starting with dogwifhat, the whale has withdrawn 7.24M WIF tokens worth $13.32M.
A whale has withdrawn 7.24M $WIF worth $13.32M from #Binance and 1.87M $POPCAT worth $1.24M from #Bybit.
The whale also spent $6.1M $USDC to buy multiple meme coins.
– Spent $4.65M $USDC to buy 5.79M $POPCAT at $0.80. (The whale previously sent 1.89M tokens to #Bybit, which… pic.twitter.com/3fAXIzlrfv
— Onchain Lens (@OnchainLens) January 8, 2025
The withdrawal occurred over Binance followed by the Popcat POPCAT $0.26 24h volatility: 3.4% Market cap: $255.70 M Vol. 24h: $22.40 M withdrawal over Bybit. Whale transferred 1.87M Popcat tokens worth $1.24M. Apart from this purchase of $14.5M, the entity also spent $6.1M USDC USDC $1.00 24h volatility: 0.0% Market cap: $71.54 B Vol. 24h: $11.91 B to buy multiple meme coins.
Further, the whale made another purchase of Popcat tokens followed by FWOG and MICHI. Whale also spent $4.65 million to acquire 5.79 million POPCAT tokens at an average price of $0.80.
The entity also spent $979K to purchase 4.57 million FWOG at an average cost of $0.21. Finally, the Whale acquired 3.9 million MICHI tokens at an average of $0.12 in exchange for $469K USDC.
dogwifhat Price Puts 25% Downside Risk
The WIF token WIF $0.80 24h volatility: 3.2% Market cap: $802.55 M Vol. 24h: $146.37 M in the past 24 hours has witnessed a massive crash of 9.85%. Currently, it is trading at $1.86.
The weekly chart reveals a pullback of 11.79% this week. However, the meme coin maintains a sideways shift, ranging between the $1.39 support level and the overhead ceiling at $3.6442.
While the short-term correction hints at a potential pullback to the $1.39, the market crash warns of a nearly 25% downside risk.
Support Trendline Holds Popcat
Over the past 24 hours, the Solana-based meme coin Popcat has fallen by 16.54%. Currently, it is trading at $0.66, with a market cap of $665 million.
In the daily chart, the declining trend has now formed its 5th consecutive bearish candle and is testing a long-coming support trendline. Under the influence of a short-term resistance level, the Popcat meme coin is standing at a crossroads.
However, the bullish divergence in the RSI line hints at a potential bullish reversal. Considering the reversal rally manages to surpass the short-term local resistance, the upside price target stands at the $1 psychological mark followed by $1.52 and $2.10.
Meme Coin Revival?
Despite the ongoing crypto market crash, a whale’s significant buying spree signals confidence in the meme coin market. With over $25 million spent across WIF, POPCAT, FWOG, and MICHI tokens, the whale appears to be capitalizing on discounted prices.
While WIF and POPCAT face sharp declines, technical indicators like bullish RSI divergence in Popcat hint at potential recovery targets. However, the broader market’s volatility keeps downside risks high, making these purchases a bold move in a turbulent market.
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