Cryptocurrency markets have come under significant pressure, with widespread sell-offs causing significant losses across various digital assets. Among those affected, PEPE and Dogwifat recorded losses in excess of 10%, reflecting the bearish sentiment of the overall market.

PEPE, a frog-themed meme coin, has seen its price drop 11% over the past 24 hours, to $0.0000102 at press time. Following this downturn, PEPE is down 18% over the past seven days.

Dogwifat (WIF), another meme coin operating in the Solana ecosystem, has experienced a sharp decline, down 12.73% in the past 24 hours. At the time of writing, WIF is trading at $1.95 and is still down 3.61% over the past seven days.

The cryptocurrency market has been under pressure from a number of factors, leading to a wave of sell-offs.

Macroeconomic conditions and weak investor sentiment are among the main reasons leading to the current bearish trend.

Likewise, recent movements by whales or large holders may have exacerbated the Dogwiphat and PEPE sell-off, contributing to the sharp decline.

Dormant PEPE whales revive amid sell-off.

In a surprising development amid the cryptocurrency market sell-off, a long-dormant PEPE whale has come back to life.

According to SpotOnChain, one PEPE holder, dimethyltryptamine.eth, which had been inactive with its PEPE holdings for over 10 months, recently performed a significant sell-off. Whales sold 10 billion PEPE tokens, worth $112,000, for 32.73 ETH a few hours ago.

This address was the first to adopt PEPE, buying tokens long before it became as popular as it is today. An initial investment of $45,000 turned into a staggering $26.7 million, marking an impressive return on investment of 58,600%. This major Pepe holder currently holds 1.99 trillion PEPE worth $21.9 million.