Whales Receive 300 Mln MEME, Will Memecoin Follow Pepe Coin-Like Frenzy?

As per the data revealed by Lookonchain, a Web3 data analysis tool, two massive whale movements caught the eyes of crypto traders and investors alike as they received enormous amounts of MEME airdrops as of today, November 8.

Memecoin, a token backed up by one of the most hyper web3 projects, Memeland, recently created quite a buzz in the world of crypto as it announced its debut on various crypto exchanges. The token, since its launch, has stirred up quite the speculation among crypto enthusiasts as it surged over 2500%, as reported by Coingape media earlier this month.

Meanwhile, the aforestated transactions portray a similar market trend to that of Pepe coin as its price surged earlier this year, following the purchase of Pepe tokens by massive whales. Considering that, several analysts anticipate that Memecoin might also witness a similar rally as Pepe Coin.

Whales Receiving Millions of MEME Tokens

According to the data disclosed by Lookonchain, an address named memeland.eth reportedly received 77 million MEME tokens, amounting to $1.39 million, from airdrops from an unknown address 0xb1911D….bE6ea675c1Ce7. However, the same address received 138 million MEME tokens, amounting to $2.49 million via FireSales from an unknown address 0xE6f3494E8….5D90Dc3704.

Apart from this, another transaction that caught the eyes of crypto enthusiasts was an address named degensfund.eth, receiving 57.93 million MEME tokens, amounting to $1.04 million via airdrops from wallet address Oxb1911D…675c1Ce7. Interestingly, the same address, degensfund.eth, reportedly received 27.14 million MEME tokens, equivalent to $489K, from FireSales by another unknown address OxE6f349…90Dc3704.

Also read: Binance Launches ‘Brand New’ Web3 Wallet To Enhance User Experience

Memecoin Witnessing A Price Slump

As of writing, the Memecoin price witnessed a marginal downfall of 4.94%, reaching $0.01793 as of today. Furthermore, the MEME token price witnessed a substantial decrease over the past seven days, dropping by 33.49%. Although the twenty-four-hour trading volume surged by 8.49%, the token’s market cap sunk by 4.96%.

According to reports, Memeland is constantly trying to build up support for the Memecoin community, but the token price remains in a slump. While a positive market response was much awaited by crypto traders following the recent advancements made by the MEME community, market data portrays sentiments otherwise.

Meanwhile, as reported earlier, the MEME community announced FireSale results in the previous month on Binance Launchpool. The results portrayed a favorable outcome for the token, offering a bullish sentiment around the token. However, with the memecoin price gradually declining, market enthusiasts are keenly eyeing the token hoping for a better future outlook.

Also read: HSBC To Offer Digital Assets Custodial Service for Tokenized Securities

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