Meme Coins Like Shiba Inu and Pepe Suffer the Same Fate as the Market Correction, Dropping Significantly in Valuation

Amid the ongoing market correction, the valuation of meme coins has plummeted from nearly seventy billion dollars to around forty-seven billion.

The cryptocurrency market has seen a downturn in the past 24 hours, with Bitcoin (BTC) leading the decline. This drop has caused more than $300 million in total liquidations, predominantly impacting those who bet on prices going up. The total value of memecoins has dropped significantly in the last month, with some like Shiba Inu and Pepe down over 20%. Some investors are waiting on the sidelines due to Bitcoin's weakness, while others are buying in anticipation of a rebound. Keep reading to understand the market sentiment and what’s next for the crypto market during this period of volatility.

Bitcoin's weakness impacting investors' strategies

As the cryptocurrency market experiences a downturn, on-chain data reveal the strategies employed by large investors, commonly known as "whales." Recent analysis of on-chain transactions, specifically those related to memecoins, provides valuable insights into the prevailing market sentiment. According to the latest market analysis, two large cryptocurrency traders, or "whales," have deposited a combined total of $25.95 million in Shiba Inu (SHIB) and PepeCash (PEPE) into Binance over the past 14 hours. This substantial deposit of memecoins has sparked speculation among crypto traders regarding the strategies being employed by these whales in the face of a downturn in the cryptocurrency market.

Shiba Inu, ranked 13th by market capitalization, has dropped over 30% in the last four weeks. The coin, trading at around $0.0000173** on Tuesday, has seen a **steep** **decline** from its peak of over **$0.000024 last month. PepeCash, on the other hand, is an ERC-20 memecoin with a fully diluted valuation of about $4.88 billion** and an average daily trading volume of approximately **$939 million. It has shed more than 22% in the past four weeks, trading at about $0.00001161 on Tuesday.

With Bitcoin's price actions suggesting further corrections, some crypto traders are choosing to stay on the sidelines. On-chain data reveals that a Shiba Inu whale address, which accumulated coins between November and December last year, has deposited its holdings into Binance.

Two big whales deposited $25.95M** worth of **$SHIB and $PEPE to #Binance in the past 14 hours. Did whales become bearish with #Ethereum #memecoins?

1. Whale0x42a deposited all 1.088T $SHIB** (**$18.12M) ~14 hours ago.
   – Accumulation period: Nov and Dec 2023 (the market bottom).

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