Memecoins
Dogwifhat (WIF), PEPE and other meme coins Eye Epic Dump in market chaos
Gamza Khanzadaev
Whales cash in on WIF and PEPE meme coins amid fear, doubt and uncertainty
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This past week has been a roller coaster ride meme coins, with Dogwifhat (WIF) and PEPE taking center stage amid the market chaos. WIF, a popular meme token on Solana, saw a staggering 25% drop in value, plummeting from its weekly peak of $3.4. Similarly, another Solana-based meme coin, POPCAT, saw a substantial decline of 34%, reaching its lowest levels since mid-April.
Meanwhile, the one based on Ethereum PEPPER The token, which had risen to new heights earlier in the week, faced an 18.5% sell-off, shaking investor confidence.
In this gloomy context, the crypto space has started to be filled with news and information about the actions of the largest holders of these cryptocurrencies which have somehow influenced these price disruptions.
So, Lookonchain relationships revealed a whale’s strategic move to dump 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 the WIF, but also affected the prices of other meme tokens, including BONK. Another whale suffered losses selling WIF and POPCAT.
Source: TradingView
Spot on chain intuitions added another layer of intrigue, highlighting a multisign wallet depositing a significant amount of PEPE on Binance in an attempt to stop losses, contributing to a 6% price drop. This whale’s trading history suggests a pattern that contributes to sharp price fluctuations when trading PEPE.
Source: Point on the chain
In the wake of these developments, meme coin investors find themselves with several questions.
Will meme coins like WIF and PEPE be able to recover from these significant losses? What strategies will major token holders employ to navigate the current market volatility?
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.