The past week has thrown meme coins like Dogwifhat (WIF) and PEPE into a tumultuous descent amid widespread market chaos. WIF, a meme favorite on the Solana blockchain, faced a harsh 25% drop, tumbling from a weekly high of $3.4. Similarly, another Solana-based meme coin, POPCAT, plummeted by 34%, hitting its lowest point since mid-April.
PEPE, riding high on Ethereum, wasn’t spared either, experiencing an 18.5% sell-off that rattled investor nerves.
**Market Impact:**
Amidst this downturn, significant market players have played pivotal roles in influencing price movements. Lookonchain disclosed that a whale executed a substantial sell-off of 1.7 million WIF at a loss, switching their holdings to other meme coins on Solana post-price dip, affecting not just WIF but also the valuation of other tokens like BONK. Meanwhile, another major investor faced setbacks with both WIF and POPCAT sales.
**Future Outlook:**
With meme coins like WIF and PEPE experiencing severe setbacks, questions loom about their recovery prospects and the strategies token holders might employ to weather the current market volatility.
Can WIF and PEPE bounce back from these steep losses, or is this the beginning of a larger downturn? Investors and speculators alike are watching closely as these meme coins navigate through turbulent waters.
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