There Was a Time When Shiba Inu Ruled Meme Coin Mania

There was a time when Shiba Inu ruled meme coin mania, riding Elon tweets and retail hype to dizzying highs.

The crypto market continues to heat up, with meme coins like Pepe and Dogwifhat (WIF) now leading the way on the charts and across X feeds. However, while the spotlight is on the edgiest and newest contenders, a familiar name is quietly losing steam.

Shiba Inu (SHIB) is struggling to recapture its former glory as major holders rapidly dump billions of tokens and sellers outpace buyers. According to IntoTheBlock, whale outflows spiked 229% in a single day, jumping from 109 billion to 359 billion SHIB. Additionally, Large Holders' Netflow hit a 3-month low, signaling aggressive distribution.

As the chart below shows, the last time we saw such a strong selloff interest from large investors was during the FTX collapse in November 2022.

As major holders are bailing out, data from Coinalyze reveals that retail investors are also exiting their positions in droves. Over the last 24 hours, the order book imbalance is heavily skewed towards sellers, with 134.15 billion SHIB more sold than bought.

Moreover, the total sales volume surpasses purchases by a staggering factor of 3.33x, further highlighting the overwhelming bearish sentiment.

The meme coin market is quickly shifting, and while Pepe and Dogwifhat are enjoying massive rallies, profit-taking could soon bring an end to the party.

Pepe price analysis: Profit-taking potential emerges as major investors exit

The Pepe price has surged 87% over the last week, largely driven by massive investments from a few large wallets, also known as whales. As the meme coin broke through the $0.0008 price point, it crossed a barrier it hadn't reached since April, marking a significant milestone in its price recovery.

According to recent data from DeChain, the last time the Pepe price crossed $0.0008 was on April 17, during the initial bull market cycle for the meme coin.

After bottoming out at $0.00024 on March 14, the Pepe token experienced a rebound of over 333%, demonstrating a strong recovery in the market.

However, with many holders sitting on substantial profits, there's potential for profit-taking to stall the rally. On-chain data from ChainGlass suggests that a large portion of the Pepe supply is held at a price above the current market rate, setting the stage for a price pullback.

Currently, about 35% of the circulating Pepe tokens are in profit, indicating that the rally isn't yet in overheated territory.

Dogwifhat soars 127.24% as buyers outpace sellers by 6 million tokens

After hitting a low of $0.53 last week, Dogwifhat (WIF) has since rallied 127.24%, breaking out of a 5-month-long downtrend.

Now trading at $1.27, it has reached a 4-month high with a whopping 42.98% daily gain. This rally is being driven by a massive influx of interest from retail investors, leading to heavy trading activity on Binance.

In the last 24 hours alone, the trading volume for Dogwifhat has reached $174.3 million. According to data from Santiment, this strong buying pressure has also pushed up the price of the meme coin.

As the chart above shows, the 30-day average for the social volume of Dogwifhat has also increased, indicating that more people are talking about the meme coin online.

Moreover, the recent price surge has also led to a 24% spike in Open Interest, signaling a preference for long positions among derivatives traders and bullish sentiment towards the Dogwifhat token.

Finally, with 1.84 billion WIF tokens being sold in the last 24 hours compared to 1.24 billion tokens being bought, it seems that sellers are slowly catching up to buyers.

Remittix might not bark like a meme coin, but it bites like a real contender

While the crypto world is buzzing with memes, a new contender is quietly heating up. Introducing Remittix (RTX), a lightning-fast PayFi platform aiming to outgrow the hype.

Already raising over $15 million in its presale, Remittix is making waves with its instant conversion between 50+ cryptos and 30+ fiat currencies, bridging blockchain and banking effortlessly.

This allows seamless global fiat sending, even for users with zero crypto knowledge on the receiving end. But that’s not all.

Businesses can also join the revolution with Remittix Pay API, accepting crypto payments and settling in fiat effortlessly. From cross-border payrolls to smart contract-triggered payments, it’s built for scale.

With a transparent