Meme Coins PEPE and WIF See Significant Market Decline Amid Whale Accumulation
The Crypto Fear and Greed Index has dropped to 35, indicating rising fear in the market. The market capitalization of top meme coins is down to $69.05 billion, a 40% decrease over the last month.
- PEPE lost its $0.000010 mark and $4 billion market cap.
- WIF declined nearly 37% in the past week, dropping below $1 and losing its $1 billion market cap.
- Whales are accumulating meme coins like WIF and PEPE during this downturn.
Whale Activity
- Whale 0xf37 withdrew 375.35 billion PEPE worth $3.73 million.
- Whale A3kTT withdrew 6.5 million WIF tokens valued at $5.2 million.
- Whale 4x3mm withdrew 9 million WIF tokens worth $7.42 million.
- A smart whale spent 972.642 ETH on 280.85 billion WIF tokens, increasing their PEPE holdings significantly.
- New whale 4FhFI withdrew 9.48 million WIF tokens valued at $7 million.
- Ansem invested $867,932 USDC in Fartcoins and $1.2 million USDC in WIF but incurred a loss upon selling.
Price Analysis
- PEPE has formed five consecutive bearish candles, with a 55% price drop and potential pullback to $0.0000070.
- WIF experienced an 80% decline over nine weeks, now testing a crucial Fibonacci level.
- Continued whale accumulation may indicate a possible recovery for WIF.
Outlook
Whale accumulation suggests increased interest in meme coins despite the current declines. If buying pressure persists and market sentiment improves, a rebound may occur. However, ongoing fear could lead to further corrections before a recovery begins.