$16 million worth of these tokens were scooped up from the giant crypto exchange Binance on Thursday.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
Meme coin whales recently splashed heavy amounts of cash on Pepe coin PEPE $0.000007 24h volatility: 1.2% Market cap: $3.01 B Vol. 24h: $587.61 M and dogwifhat WIF $0.46 24h volatility: 5.7% Market cap: $460.86 M Vol. 24h: $253.02 M . The buys coincide with a period of market downturn, raising concerns within the crypto community as to what may have prompted the actions.
According to on-chain data, no less than $16 million worth of these tokens were scooped up from the giant crypto exchange Binance on Thursday.
On-chain insights platform Spot On Chain took to X to share data about the three different whales that spent massive amounts of funds on PEPE and WIF. A whale identified as 0xf37 reportedly bought 375.35 billion PEPE for $3.73 million. Another whale 4x3M8 spent $7.42 million on 9 million WIF, while the whale address A3kTT also splashed $5.19 million on the dog-themed meme token. Interestingly, the latter address had been inactive for over two years, only coming back to life for the purpose of this transaction.
These activities have now sparked a bullish anticipation as market enthusiasts expect the values of the meme tokens to surge in the coming weeks. That is not to mention the fact that market sentiments also suggest that gains are very near.
Taking a critical look at the crypto market in recent times, volatility has been on the high side. Since the beginning of February, when market leader Bitcoin has had to drop over 6% of its value, with the rest of the market following with various degrees of losses.
In this short period, that is between the end of January and now, dogwifhat and Pepe coin have respectively shed 29% and 26% of their values.
Despite the price slump, the heavy investments signal that the whales may have seen a potential buy-the-dip opportunity. This means that confidence in the future price movements of these coins remains ever-strong.
As of this publication, the two meme coins may have started reacting to the whale activities already. PEPE price saw an uptick of nearly 0.40% and was changing hands at $0.00001005. WIF price also picked up 0.50% intraday and was seen trading at $0.799.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
