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PEPE, Dogwifhat See Major Losses as Crypto Market Crashes: Details
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The cryptocurrency market has come under significant pressure, with a widespread sell-off resulting in significant losses across various digital assets. Among those affected were PEPE and Dogwife Hat have posted losses of more than 10%, reflecting bearish sentiment in the broader market.
PEPE, a frog-themed meme coin, has seen its price drop 11% in the past 24 hours, falling to $0.0000102 at press time. Following this decline, PEPE has fallen 18% in the past seven days.
Dogwifhat (WIF), another meme coin operating within the Solana ecosystem, has seen a sharp decline, falling 12.73% over the past 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 has been under pressure from several factors, leading to a wave of selling. Macroeconomic conditions and declining investor sentiment are among the main factors contributing to the current bearish trend.
Likewise, recent movements by whales, or large shareholders, may have exacerbated the sell-off in Dogwifhat and PEPE, contributing to the sharp declines.
PEPPER’S SLEEPING WHALE RISES AWAY IN FALL
In a surprising turn of events amid the ongoing cryptocurrency market sell-off, a long-dormant PEPE whale has come back to life.
Second Point on the chainPEPE holder dimethyltryptamine.eth, who had been inactive with his PEPE holdings for over 10 months, recently executed a significant fire 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 reached its current popularity. The initial investment of $45,000 turned into an incredible $26.7 million, marking an impressive return on investment of 58,600%. This large Pepe holder now holds 1.99 trillion PEPE worth $21.9 million.
About the author
Tom Wabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold holds a bachelor’s degree from the University of Lagos.