According to U.Today, the cryptocurrency market is experiencing significant pressure, leading to a widespread sell-off and notable losses across various digital assets. PEPE and Dogwifhat, two meme coins, have recorded losses exceeding 10%, reflecting the broader market's bearish sentiment. PEPE, a frog-themed meme coin, saw its price slump by 11% in the last 24 hours, falling to $0.0000102. Over the last seven days, PEPE is down 18%. Dogwifhat (WIF), another meme coin that operates within the Solana ecosystem, experienced a steep decline, tumbling 12.73% in the last 24 hours. At the time of writing, WIF was trading at $1.95 and remains down 3.61% over the past seven days.
The cryptocurrency market's pressure is attributed to several factors, including macroeconomic conditions and waning investor sentiment, which are among the key contributors to the current bearish trend. Recent movements by whales, or large holders, might have exacerbated the sell-off for Dogwifhat and PEPE, contributing to the sharp declines. In a surprising turn of events amid the ongoing cryptocurrency market sell-off, a long-dormant PEPE whale has come back to life. According to SpotOnChain, a PEPE holder, dimethyltryptamine.eth, which had been inactive with its PEPE holdings for over 10 months, recently executed a significant sell-off. The whale sold 10 billion PEPE tokens, valued at $112,000, for 32.73 ETH a few hours ago. This address was an early adopter of PEPE, buying into the token long before it gained its current popularity. The initial investment of $45,000 transformed into a staggering $26.7 million, marking an impressive 58,600% return on investment. This large Pepe holder now holds 1.99 trillion PEPE worth $21.9 million.