Has the freefall in WIF and PEPE price hit the rock bottom? While the rising whale activity suggests the same, the freefalling price trend warns of a bearish extension.
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
As the Crypto Fear and Greed Index drops to 35, representing growing fear, meme coins are on a declining trend. The top meme coins’ market capitalization has dropped to $69.05 billion, marking a 40% decline over the past 30 days.
The frog-themed meme coin PEPE PEPE $0.000007 24h volatility: 1.2% Market cap: $3.01 B Vol. 24h: $592.01 M lost its $0.000010 psychological mark and $4 billion market cap. Similarly, dogwifhat WIF $0.46 24h volatility: 5.5% Market cap: $458.97 M Vol. 24h: $254.11 M has declined nearly 37% over the past 7 days, losing its critical $1 support.
Furthermore, the WIF token has lost its $1 billion market cap, raising concerns over a major crash. Despite the bearish outlook, strong supporters see this dip as an entry opportunity at discounted prices.
As per a recent X post by Spot On Chain, multiple whales are accumulating meme coins like WIF and PEPE amid the market crash. On Binance, whale 0xf37 recently withdrew 375.35 billion PEPE worth $3.73 million, marking its first major accumulation.
Similarly, whale A3kTT ended its two-year dormancy, returning for more meme coins. The whale withdrew 6.5 million WIF tokens worth $5.2 million in the past 24 hours.
Whale 4x3mm has withdrawn 9 million WIF tokens worth $7.42 million over the past 12 hours. Despite previously losing $1.35 million on their first WIF trade, the whale remains optimistic about the meme coin’s recovery.
The buying streak continues, as a smart whale 0xE7D spent 972.642 ETH ETH $1 578 24h volatility: 4.9% Market cap: $190.32 B Vol. 24h: $10.53 B to purchase 280.85 billion WIF tokens, worth $2.62 million. This increased the whale’s PEPE portfolio to 1.404 trillion tokens, worth $13.2 million, with a 328% return.
Additionally, a fresh whale 4FhFI created a new wallet to withdraw 9.48 million WIF tokens, valued at $7 million, from Binance. Furthermore, institutional players are also entering the market.
Ansem spent 867,932 USDC to purchase 1.97 million Fartcoins at $0.44. Additionally, the institution spent $1.2 million USDC USDC $1.00 24h volatility: 0.0% Market cap: $60.06 B Vol. 24h: $6.39 B to buy WIF, but later sold it for $1.07 million USDC, realizing a loss of $128,000.
On the weekly chart, PEPE has formed five consecutive bearish candles, marking a 55% price drop. As the frog-themed meme coin loses its $0.000010 psychological mark, it also breaches the local support trendline, warning of a potential pullback to $0.0000070.
However, the lower price rejection in the weekly candle reveals crucial buyer support, hinting at a possible recovery.
Unlike PEPE, WIF has witnessed a severe 80% pullback over the past 9 weeks, dropping from $3.72 to $0.74. The pullback is now retesting the 50% Fibonacci level, with lower price rejection near critical psychological support.
If whale accumulation continues, WIF might trigger a V-shaped reversal, signaling a strong recovery ahead.
Despite the steep decline in meme coin valuations, whale accumulation signals a growing interest from big players. Technical indicators show PEPE testing key support levels, while WIF is nearing a potential V-shaped recovery.
If whale buying pressure sustains and market sentiment improves, meme coins could witness a strong rebound in the coming weeks. However, if fear continues to dominate, further corrections could follow before a meaningful recovery begins.
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.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
