- Memecoin whales’ activity suggests a deliberate move to trigger FOMO.
- The whales are influencing mini breakouts across multiple memecoins.
- DOGE, PEPE, WIF, and BONK all experienced mini breakouts this weekend.
Data from Santiment, a market analysis platform, has revealed a developing trend among memecoins in the cryptocurrency market. In a recent post on X, the platform showed how larger wallets in the memecoin sector are working to trigger a notable dynamic across some memecoins to prepare the market for profit-taking.
According to Santiment’s recent post, larger wallet holders triggered mini breakouts across multiple memecoins. Their aim in doing so is to influence the market caps of memecoins like Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK). These large wallet holders do this to attract retail investors until the Fear Of Missing Out (FOMO) returns to the memecoin sector.
From Santiment’s point of view, triggering a FOMO in the memecoins sector would create a greedy sentiment and attract more retail investors into the market, causing the prices to rally. After that, the larger wallet holders would sell their bags, leading to a general retracement in the memecoins market.
In the meantime, DOGE, the highest-ranked memecoin by market capitalization, has maintained a bullish momentum since the November 5 crypto market breakout. The memecoin has gained 241% in the current rally, with the price climbing over $0.48 for the first time since 2021. The top memecoin traded for $0.4694 at the time of writing, according to data from TradingView.
PEPE adopted a similar price trend and has gained 243% since November 5. The frog-themed memecoin surged 32% this weekend to reach a new all-time high. Despite Santiment’s retracement prediction, PEPE reflects notable momentum, suggesting higher price targets, considering the memecoin is discovering new price levels.
Meanwhile, WIF experienced a 158% surge following the November 5 crypto market breakout. However, the memecoin retraced significantly before resuming in the upward direction, while BONK dipped from a 243% rally before regaining momentum to trade for $0.00004697 at the time of writing.
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