As a crypto investor who has been following the market closely and experienced significant gains from early investments in meme coins like PEPE and Dogwifhat, I’m disheartened by the recent sell-off that has caused notable losses for both tokens. The broader market sentiment is bearish, with macroeconomic conditions and waning investor sentiment being key contributors to this trend.
The cryptocurrency market is experiencing considerable stress, leading to a large-scale selling frenzy that has resulted in substantial declines for numerous digital currencies. Two of these, PEPE and Dogwifhat, have suffered losses over 10%, underscoring the prevailing pessimistic outlook within the crypto community.
PEPE, the meme coin representing a frog character, experienced a price decrease of approximately 11% over the past 24 hours, reaching a value of $0.0000102 at the current moment. Over the past week, PEPE‘s price has declined by around 18%.
As a researcher studying the cryptocurrency market, I’ve observed that Dogowifhat (WIF), a meme coin operating on the Solana blockchain, experienced a significant drop in value within the last day. Specifically, WIF saw a decline of 12.73%. At this moment, its trading price hovers around $1.95. Moreover, over the past week, its value has decreased by 3.61% according to current market data.
As a researcher studying the cryptocurrency market, I’ve observed that various elements have put significant pressure on the market, resulting in a surge of sell-offs. Some of the major factors contributing to this bearish trend include unfavorable macroeconomic conditions and a decline in investor confidence.
Similarly, the actions of late-moving whales or significant investors could have intensified the selling pressure for Dogecoin (Dogwifhat) and Pepecoin (PEPE), resulting in their dramatic price drops.
Dormant PEPE whale revives amid sell-off
As a market analyst, I was taken aback by an unexpected development during this cryptocurrency market downturn. A previously inactive “whale” holding large amounts of the meme token PEPE suddenly became active once again.
Based on SpotOnChain’s report, the Ethereum address associated with the PEPE token holder dimethyltryptamine.eth became active after a long period of inactivity, selling off a massive amount of 10 billion PEPE tokens worth approximately $112,000 just a few hours ago for 32.73 Ether.
this address purchased PEPE tokens way before they became widely known and valuable, investing $45,000 that eventually ballooned into a massive $26.7 million windfall, representing an astounding 58,600% increase in investment value. Currently, the significant Pepe investor possesses approximately 1.99 trillion PEPE tokens valued at around $21.9 million.
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2024-07-03 17:42