Data from Santiment, a market analysis platform, has unveiled a fascinating trend in the world of memecoins within the cryptocurrency market. According to a recent post on the platform, memecoin whales are strategically orchestrating mini breakouts across various memecoins to set the stage for profit-taking opportunities.
The larger wallet holders in the memecoin sector are actively working to influence market dynamics and propel memecoins like Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) towards mini breakouts. Their goal is to entice retail investors and reignite the Fear Of Missing Out (FOMO) sentiment within the memecoin sector.
Santiment’s analysis suggests that by triggering FOMO in memecoins, the larger wallet holders can create a sense of greed among investors, ultimately driving prices higher. However, once the retail crowd jumps on board and becomes overly enthusiastic, the whales take the opportunity to sell their holdings, leading to a market retracement.
In the midst of these developments, Dogecoin, the leading memecoin in terms of market capitalization, has been on a bullish streak since the November 5 crypto market breakout. With a remarkable 241% gain in the current rally, DOGE has soared past $0.48 for the first time since 2021, trading at $0.4694 at the time of writing.
Pepe, another prominent memecoin, has mirrored a similar price trajectory, recording a 243% increase since November 5. The frog-themed memecoin surged by 32% over the weekend, reaching a new all-time high. Despite the potential retracement predicted by Santiment, PEPE continues to show strong momentum, hinting at further price appreciation as it explores uncharted price levels.
On the other hand, WIF witnessed a significant 158% surge following the November 5 market breakout, albeit experiencing a notable retracement before resuming its upward trajectory. Similarly, BONK saw a dip after a 243% rally but has since regained momentum, currently trading at $0.00004697.
It’s essential to note that the information provided in this article is for educational and informational purposes only and should not be construed as financial advice. Readers are encouraged to exercise caution and conduct thorough research before making any investment decisions related to memecoins.