Markets
PEPE, Dogwifhat Post Significant Losses as Crypto Market Plunges: Details
Read U.TODAY on
Google News
The cryptocurrency market has been under considerable pressure, with widespread selling leading to notable losses across various digital assets. Among the affected assets, PEPE and Dog Hat posted losses of more than 10%, reflecting the bearish sentiment in the market as a whole.
PEPE, a frog-themed meme cryptocurrency, has seen its price drop by 11% in the past 24 hours, falling to $0.0000102 at press time. Following this drop, PEPE has fallen by 18% in the past seven days.
Dogwifhat (WIF), another cryptocurrency that operates within the Solana ecosystem, has seen a sharp decline, dropping 12.73% in the last 24 hours. At the time of writing, WIF was trading at $1.95 and remains down 3.61% in the last seven days.
The cryptocurrency market is under pressure due to several factors, which has led to a wave of massive selling. Macroeconomic conditions and declining investor confidence are among the main factors contributing to the current bearish trend.
Similarly, recent movements by whales, or large holders, may have exacerbated the selling of Dogwifhat and PEPE, contributing to the sharp declines.
Dormant PEPE whale reborn after massive sell-off
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 SpotOnChainA PEPE holder, dimethyltryptamine.eth, who had been inactive with his PEPE holdings for over 10 months, recently executed a major sale. 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, purchasing the token long before it became as popular as it is today. The initial investment of $45,000 turned into a staggering $26.7 million, representing an impressive ROI of 58,600%. This large Pepe holder now holds 1.99 trillion PEPE worth $21.9 million.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.