Memecoins
Dogwifhat (WIF), PEPE and Other Meme Coins Eye Epic Dumping Amid Market Chaos
Gamza Khanzadaev
Whales cash in WIF and PEPE meme coins amid fear, doubts and uncertainty
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Last week was a real roller coaster for coins, with Dogwifhat (WIF) and PEPE taking center stage in the market chaos. WIF, a popular meme token on Solana, saw a staggering 25% decline in value, falling from its weekly high of $3.4. Similarly, another Solana-based coin, POPCAT, saw a substantial 34% decline, reaching its lowest levels since mid-April.
Meanwhile, the Ethereum-based system PEPE The token, which had reached new highs earlier in the week, faced an 18.5% sell-off, shaking investor confidence.
Against this gloomy backdrop, the crypto space has started to be full of news and information about the actions of the largest holders of these cryptocurrencies that have in one way or another influenced these price disruptions.
Thus, Lookonchain reports revealed a whale’s strategic decision to offload 1.7 million WIF at a loss, exchanging them for other meme coins on Solana following the drop in prices. This action not only impacted WIF, but also influenced the prices of other meme tokens, including BONK. Another whale suffered losses selling WIF and POPCAT.
Source: Trading View
Spot on the channel knowledge added another layer of intrigue, highlighting a multi-sig wallet depositing a substantial amount of PEPE on Binance in an attempt to stop losses, thereby contributing to a 6% price decline. The trading history of this whale suggests a tendency to contribute to large price swings when trading PEPE.
Source: Spot on the channel
As a result of these developments, meme coin investors are left with several questions.
Will even coins like WIF and PEPE be able to recover from these significant losses? What strategies will major token holders employ to deal with the current market volatility?
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.