The past week has been a rollercoaster for 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, falling from its weekly high of $3.4. Similarly, another Solana-based meme coin, POPCAT, saw a substantial 34% drop, reaching its lowest levels since mid-April.
The past week has been a rollercoaster for 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, falling from its weekly high of $3.4. Similarly, another Solana-based meme coin, POPCAT, saw a substantial 34% drop, reaching its lowest levels since mid-April.
Meanwhile, the Ethereum-based PEPE token, which had soared to new heights earlier in the week, faced an 18.5% sell-off, shaking investor confidence.
Tomiwabold OlajideIn this gloomy context, the crypto space began to be full of news and information about the actions of the largest holders of these cryptocurrencies that somehow influenced these price disturbances.
Therefore, Lookonchain reports revealed a whale’s strategic move to dump 1.7 million WIF at a loss, exchanging it for other meme coins on Solana following the price drop. This action not only affected WIF but also influenced the prices of other meme tokens, including BONK. Another whale suffered losses selling WIF and POPCAT.
Spot on the chain perspectives added another layer of intrigue, highlighting a multi-signature wallet depositing a substantial amount of PEPE on Binance in an attempt to stop losses, which contributed to a 6% price drop. The trading history of this whale suggests a pattern that contributes to strong price fluctuations when PEPE is traded.
Yuri MolchanIn the wake of these developments, meme coin investors are faced 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?
