- Whales invest $16 million in meme coins: Three whales bought large amounts of PEPE and WIF tokens on Binance, spending over $16 million despite recent market downturns.
- Meme coins face steep declines: Both PEPE and WIF experienced losses of 26% and 29%, respectively, since the end of January, following Bitcoin’s 6% drop.
- Early signs of recovery: Following the whale purchases, PEPE rose 0.40% to $0.00001005, and WIF increased 0.50% to $0.799, sparking cautious optimism for a potential rally.
In a surprising twist, whales have poured millions into Pepe (PEPE) and dogwifhat (WIF) tokens, even as the crypto market grapples with heavy losses. These massive buys, totaling over $16 million, have stirred speculation about a potential recovery for these meme coins.
Details of Whale Purchases
On-chain platform Spot On Chain shared the breakdown of recent whale activity on X:
- Whale 0xf37 spent $3.73 million to purchase 375.35 billion PEPE tokens.
- Whale 4x3M8 dropped $7.42 million for 9 million WIF tokens.
- Whale A3kTT, dormant for over two years, came back to life and bought $5.19 million worth of WIF.
These transactions have sparked bullish chatter within the crypto community. Traders are now anticipating that the influx of whale funds might drive a surge in the prices of these tokens. Market sentiment suggests that the whales may be positioning for a rebound.
Meme Coins Face Steep Losses but Show Signs of Life
The broader crypto market has experienced heightened volatility. Since early February, Bitcoin has dropped more than 6%, dragging other assets down with it. PEPE and WIF have also suffered sharp declines, losing 26% and 29% of their value, respectively, in just a few weeks.
However, the whale purchases hint at a “buy-the-dip” strategy, signaling confidence in potential future gains. And, it seems the market may already be reacting.
- PEPE saw a slight increase of 0.40%, trading at $0.00001005.
- WIF rose 0.50% to $0.799 during intraday trading.
Cautious Optimism on the Horizon
Despite the recent downturn, these significant whale investments have reignited hope among meme coin enthusiasts. While uncertainty persists, many believe this could be the start of a new price rally—though with crypto’s volatility, nothing is guaranteed. For now, the market remains on edge, waiting to see how this whale activity plays out in the coming days.
