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Cryptocurrencies displayed weakness on Thursday as substantial dips in the past 24 hours threatened key price levels.
Bitcoin displayed resilience as altcoins tumbled. XRP (-5.50%), SOL (-4.67%), and ADA (-3.30%) demonstrate considerable selling pressure.
In the meme crypto space, PENGU and Dogecoin stole the limelight due to their notable profit-taking activities.
Amidst the broad market weakness, a whale has dumped 73.64 million PENGU coins, for nearly $3.13 million USDC at $0.042 per token.
That saw the investor netting $2.13 million in returns from an investment made only 90 days ago.
At the same time, the top meme token, Dogecoin, lost 15% of its value as profit-booking intensified following the latest gains.
Analyst Michael van de Poppe forecasts a temporary pause and not a full-blown reversal.
Whale cashes out PENGU returns
Onchain Lens quoted Nansen data showing a key transaction involving Pudgy Penguins meme cryptocurrency.
The whale capitalized on PENGU’s recent uptrend to make $2.13 million in three months after swapping the $1 million investment for $3.13 million USDC.
A whale has sold 73.64M $PENGU for 3.13M $USDC at a price of $0.042, making a profit of $2.13M. The whale bought these $PNEGU for $1M $USDC, 3months ago. Address: 4MpYci2vGPiwmtsPu4LHgfuy3h4skEoEZZbmSkgkx94G Data @nansen_ai
Pudgy Penguins has witnessed remarkable growth over the past few sessions, fueled by real demand.
Meanwhile, the investor exited at $0.042, just before PENGU’s bullish momentum cooled, reflecting the benefits of market timing.
The altcoin trades at $0.3887 after losing 4% in its daily chart.
Pudgy Penguins’ daily trading volume has declined by 32%, signaling fading interest in the NFT project.
Thus, PENGU will likely slide further in the upcoming sessions before possible recoveries.
DOGE slides 15% after multi-month highs
While newer meme tokens like BONK stole the show in the latest market-wide rally, Dogecoin displayed a remarkable performance, even shaking crypto ranks.
Dogecoin soared to early February peaks after climbing from the July 2 low of $0.1577 to $0.2825 on July 21.
However, the nearly 80% rally has sparked significant profit-booking.
Glassnode data shows Dogecoin profit-taking has hit six-month highs as most investors secure gains.
Source – GlassnodeSuch sentiments indicate deteriorating confidence in DOGE’s extended rally.
Meanwhile, the shift has triggered selling pressure for the meme token.
Dogecoin has dipped 10% from yesterday’s high of $0.2491 to Thursday’s intraday low of $0.2235.
It hovers at $0.2358, with a surging 24-hour trading volume hinting at increased activity as traders capitalize on the prevailing volatility.
Sellers target the vital support barrier at $0.220.
Just a usual shakeout
While red candlesticks dominate, some analysts remain bullish.
Michael van de Poppe trusts the current dip is a liquidity sweep and not a breakdown.
While projecting further dips for Ethereum to sub $3,400 from the current market price, Michael believes any decline is a dip-buying opportunity.
He said:
Pretty much a lot of liquidity has been taken in this short correction on ETH and the altcoins. I wouldn’t be surprised that we’re starting to attack the highs again. Not really a new leg up, just consolidation in the range. If ETH goes lower (sub $3,400), big buy opportunity.
Ethereum trades at $3,690 after gaining 2.75% in the past 24 hours.
Fundamentals confirm ETH’s bull momentum remains intact, with the $4,000 psychological mark as the next price target.
The post Memecoin news: PENGU whale takes $2.1M profit, DOGE plummets after 80% rally appeared first on Invezz
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