Memecoin news: PENGU whale takes $2.1M profit, DOGE plummets after 80% rally

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.

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.

Such 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:

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.