MEW in focus: Analyzing the impact of whales cashing out on prices

MEW price remains stable after whale moves, but momentum turns bearish. What now?

After the whale’s exit, Cat in a dogs world [MEW] market performance shows moderate volatility. The token traded between a 24-hour low of $0.009228 and a high of $0.009704, reflecting cautious market sentiment. 

At press time, MEW was 25.4% down from its all-time high of $0.01288, achieved on 17th November, just 12 days ago. The big question is, does the profit-taking set the highs for MEW coin?

Data from Lookonchain revealed that a whale sold 416.8 million MEW tokens for 16,270 SOL worth $3.94 million, securing a profit of 6,270 SOL which is $1.52 million.

The tokens were originally purchased on 15th July for 10,000 SOL using a Dollar-Cost Averaging (DCA) strategy.

The selloff has seen mild activity in MEW’s price as the market reacted to the sudden influx of tokens. This activity triggered increased volatility and trading volumes, highlighting how whale transactions can significantly influence token prices and market stability.