Coinspeaker
Feb 7, 2025
17 0

Meme Coins PEPE and WIF See Significant Market Decline Amid Whale Accumulation

2 min

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.