The cryptocurrency market has been under pressure recently, with a widespread sell-off sweeping across the market, causing many digital asset prices to plunge. In this storm, two tokens, PEPE and Dogwifhat (WIF), have been particularly eye-catching, with both falling by more than 10%.
PEPE, the frog-inspired meme coin, has seen a sharp drop of 11% in the past 24 hours, and as of the latest news, its price has fallen to $0.0000102. In the longer term, PEPE has fallen by 18% in the past week, which makes people sweat for it.
On the other hand, Dogwifhat (WIF), a rising star meme coin in the Solana ecosystem, has not been spared. It has experienced a sharp drop of 12.73% in the past 24 hours. Currently, WIF is trading around $1.95, and although it has eased compared to the 3.61% drop in the past week, the overall situation is still not optimistic.
So what caused this sell-off in the cryptocurrency market? The main reasons are the uncertainty of the macroeconomic environment and the general depression of investor sentiment. In addition, the movements of large holders (commonly known as "whales") have also exacerbated market volatility to a certain extent. In particular, for the two tokens Dogwifhat and PEPE, the selling behavior of whales has undoubtedly fueled their decline.
Amid the market turmoil, a noteworthy event also occurred. SpotOnChain data shows that a long-dormant large PEPE holder suddenly "resurrected" and recently executed a large-scale sell-off. The holder, named dimethyltryptamine.eth, whose PEPE token holdings have not moved for more than 10 months, recently sold 10 billion PEPE tokens worth up to $112,000 in exchange for 32.73 Ethereum.
The holder is one of the early investors in PEPE, and his initial $45,000 investment has now increased in value to a staggering $26.7 million, achieving an amazing return rate of more than 58,600%. Although the sell-off took the market by surprise, the holder currently still holds 1.99 trillion PEPE tokens worth $21.9 million.
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