With the latest data disclosure from the Web3 data analysis tool Lookonchain, we see a striking phenomenon: two large-scale whale activities have attracted the attention of cryptocurrency traders and investors. The main character of this activity is Memecoin, a token supported by Memeland, one of the most super Web3 projects. Recently, Memecoin debuted on various cryptocurrency exchanges and caused quite a stir in the cryptocurrency field.

We can't help but ask, what exactly is Memecoin? Why has it attracted so much attention and speculation in such a short period of time?

First of all, we need to understand the basic information of Memecoin. It is a digital currency based on blockchain technology, with the characteristics of decentralization, openness, transparency, and traceability. More importantly, it is a digital currency with a community spirit, aiming to promote the development of Web3 through the power of the community.

This large-scale whale activity is the implementation of MEME airdrop. The so-called MEME airdrop refers to the gift of a certain number of tokens or virtual assets in order to encourage early users or whales to support and endorse the project. This is also a common strategy in the Web3 field, aimed at building and strengthening the foundation of the community.

So why has Memecoin caused such a stir? This is mainly because it has achieved extremely high growth due to its own characteristics and strategies. Coingape reported earlier this month that since its launch, Memecoin has increased by more than 2,500%, attracting a large number of cryptocurrency enthusiasts and investors. This data is astonishing, and it is enough to illustrate the potential and appeal of Memecoin.

This phenomenon is not uncommon in the field of cryptocurrency, but the emergence of Memecoin has indeed brought new thinking to the industry. It demonstrates the community power and influence of Web3, and also allows us to see the future possibilities of digital currency. More importantly, it reminds us that in the field of Web3, only digital currencies that are truly innovative and community-spirited can succeed.

Meanwhile, the aforementioned transactions depict a similar market trend to Pepe Coin, which saw its price surge earlier this year as a large number of whales bought Pepe tokens.

Whales Receive Millions of MEME Tokens

In recent years, many strange transactions in cryptocurrency transactions have attracted widespread attention. Recently, according to data disclosed by Lookonchain, an address called memeland.eth caught our attention. This address seems to have received a large number of MEME tokens in airdrops and transactions, worth hundreds of thousands of dollars. Below we will analyze this mysterious transaction.

First, we noticed that the memeland.eth address received 138 million MEME tokens worth $2.49 million from the unknown address 0xE6f3494E8…5D90Dc3704 via FireSales. This makes one wonder how this address got such a huge amount of tokens?

Next, another transaction worth noting is that the address called degensfund.eth received 57.93 million MEME tokens worth $1.04 million from the wallet address Oxb1911D…675c1Ce7. However, interestingly, the same address degensfund.eth received 27.14 million MEME tokens from FireSales through another unknown address OxE6f349…90Dc3704, equivalent to $489,000. This makes us wonder if there is some kind of connection between these two addresses?

To answer these questions, we need to have a deeper understanding of how the cryptocurrency market works and the possible reasons behind these transactions. First, these transactions may be the result of market fluctuations or algorithmic trading, rather than malicious behavior. Second, these unknown addresses may be accounts of other cryptocurrency exchanges, or internal accounts of large cryptocurrency exchanges.

However, if these transactions are truly the result of malicious activity, then we may see more evidence that these addresses have engaged in similar fraudulent activity elsewhere. In this case, we may need to keep a close eye on the transaction activity of these addresses elsewhere to determine if they are involved in a wider fraud.

Memecoin witnesses price crash

As the cryptocurrency market continues to change, the price of Memecoin has also seen a slight drop in recent days. As of the time of writing, Memecoin's price has reportedly fallen by 4.94%, with the current price being $0.01793. Meanwhile, the price of the MEME token has also fallen sharply in the past seven days, with a drop of 33.49%. Despite a 24-hour trading volume surge of 8.49%, the coin's market capitalization has fallen by 4.96%.

Despite the Memecoin community’s continuous attempts to build support for the community, the token price remains sluggish. Market data depicts the opposite sentiment, with traders expecting a positive market reaction. However, with the recent progress made by the MEME community, cryptocurrency traders remain optimistic about the market outlook. They are expecting better future prospects for the token.

On the other hand, the MEME community announced the results of the FireSale on Binance Launchpool last month. This result provided bullish sentiment for the token, but as the price of Memecoin gradually fell, market enthusiasts remain concerned about the future performance of the MEME token.

So, why is the price of Memecoin falling? First of all, changes in the market environment and competitive pressure may be one of the reasons for the price drop. In addition, the market supply and demand relationship is also one of the important factors affecting the price. In the current market environment, due to the price drop of Memecoin, it may trigger more selling pressure, further exacerbating the price drop.

However, despite the price drop of Memecoin, we cannot ignore the potential of MEME tokens. MEME tokens have made some progress with the support of the community. As the community develops and the market changes, more investors and traders may pay attention to MEME tokens in the future and look forward to its future performance.

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