As Bitcoin retraced from $44.7k to $43.3k on Wednesday, the meme-coin market began trembling yet again. The aggregate worth of all the assets from this space merely reflected a value of $32.355 billion, down by over 2% on the daily window. In fact, the cumulative trade volume also reflected a congruent downtrend figure.
All the big-3 tokens from this space had shed 4% to 7% of their respective values over the past d24-hours. However, Dogelon Mars was the only one displaying a positive weekly return when compared to its counterparts. However, that might not last for long.
The sell pressure is mounting in the Dogelon market
Dogelon Mars, as such, is a whale-dominated token. Per ITB’s data, whales possess more than 3/4th of the token’s circulating supply. Thus, whales’ trade actions usually have a say in the price movement of this token.
![](https://watcher.guru/news/wp-content/uploads/2022/03/Screenshot-1943-12-11-at-7.51.21-PM.png)
![](https://watcher.guru/news/wp-content/uploads/2022/03/Screenshot-1943-12-11-at-7.51.21-PM.png)
Large HODLers’ transactions are usually considered to be synonymous with that of whales since this metric takes into account figures only greater than $100k. Now, as can be seen from the snapshot below, the number and volume of such transactions did witness a minor bump towards the end of February but have remained flat since then. The same indicates that large Dogelon market participants have taken a step behind at this stage.
![](https://watcher.guru/news/wp-content/uploads/2022/03/Screenshot-1943-12-11-at-8.12.52-PM.png)
![](https://watcher.guru/news/wp-content/uploads/2022/03/Screenshot-1943-12-11-at-8.12.52-PM.png)
Further, over the past few hours, the buy-side transactions have largely been overshadowing the sell-side. On all the hourly frames, the difference between the number of trades on both sides of the spectrum was substantial and ranged from 37 billion tokens to over 104 billion.
![](https://watcher.guru/news/wp-content/uploads/2022/03/Screenshot-1943-12-11-at-7.58.08-PM.png)
![](https://watcher.guru/news/wp-content/uploads/2022/03/Screenshot-1943-12-11-at-7.58.08-PM.png)
Thus, only when the bias flips from selling to buying, bulls would be able to thrive. Else, they’ll have to capitulate to the bears and we’d witness ELON’s price dunk again.