PEPE, Dogwifhat See Major Losses as Crypto Market Dives: Details

Cover image via U.Today

The cryptocurrency market has been facing downward pressure, with a broad sell-off leading to significant losses across various digital assets. Among those affected, PEPE and Dogwifhat have recorded losses exceeding 10%, reflecting the wider market's negative sentiment.

PEPE, a frog-themed meme coin, has seen its price drop by 11% in the past 24 hours, reaching $0.0000102 at press time. Following this decline, PEPE has experienced an 18% loss over the past seven days.

Dogwifhat (WIF), another meme coin operating on the Solana blockchain, has also experienced a sharp decline, falling 12.73% over the last 24 hours. At the time of writing, WIF was trading at $1.95, marking a 3.61% decrease during the past week.

The cryptocurrency market has faced pressure from multiple factors, resulting in a wave of sell-offs. Macroeconomic conditions and declining investor confidence are among the primary drivers behind the current bearish trend.

Additionally, recent actions by whales, or large holders, may have contributed to the significant declines observed in Dogwifhat and PEPE.

Amid the ongoing market sell-off, a previously inactive PEPE whale has made a surprise reappearance.

According to SpotOnChain, a PEPE holder known as dimethyltryptamine.eth, who had been inactive for over 10 months, recently sold a substantial amount of their holdings. The whale sold 10 billion PEPE tokens, valued at $112,000, for 32.73 ETH within the past few hours.

This address was an early adopter of PEPE, acquiring the token before its rise in popularity. Their initial investment of $45,000 had grown to an impressive $26.7 million, representing a return on investment of over 58,600%. The whale currently holds 1.99 trillion PEPE, with a value of $21.9 million.