Past week has been a roller-coaster ride for meme coins, with Dogwifhat (WIF) and PEPE taking center stage amid market chaos. WIF, a popular meme token on Solana, experienced a staggering 25% decline in value, plummeting from its weekly peak of $3.4. Similarly, another Solana-based meme coin, POPCAT, saw a substantial drop of 34%, 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.
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Against this grim backdrop, 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 perturbations.
Thus, Lookonchain's reports revealed a whale's strategic move to offload 1.7 million WIF at a loss, swapping them for other meme coins on Solana following the price dip. This action not only impacted WIF but also influenced the prices of other meme tokens, including BONK. Another whale incurred losses selling WIF and POPCAT.
Source: TradingView
Spot On Chain's insights added another layer of intrigue, highlighting a multisign wallet depositing a substantial amount of PEPE to Binance in an attempt to stop losses, contributing to a 6% price drop. This whale's trading history suggests a pattern of contributing to sharp price fluctuations when trading PEPE.
Source: Spot On Chain
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In the wake of these developments, meme coin investors are left 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?