While the Bitcoin and cryptocurrency markets have been in a downward trend for the last week, the situation has reversed for meme coins. Meme coins, which recorded double-digit growth in the last 24 hours, excited investors. Here are the details…
Meme coins are experiencing a leap
Meme coins were among the biggest losers as the broader crypto market trended in the red. Bitcoin is currently at a monthly low of $58,554, while Dogecoin followed the general market trend with an increase of just 2.4%. Shiba Inu, on the other hand, made limited progress, gaining only 0.15% on the daily chart. However, the real winners of the recent rise were the new meme coins that emerged in the last few months. Solana-based Popcat gained 50%, while Mog Coin gained 39%. This rise not only reversed the market trend, but also brought meme coins back into the spotlight after recent declines.
Dogwifhat (WIF), which made a name for itself by reaching a market value of $ 4 billion in early 2024, fell to $ 1.47 this week, seeing low levels it had not seen for months. However, with the sudden rise on June 25, WIF compensated for most of its losses and recorded an increase of over 25%. The token, which was traded around $1.83 at the time of writing, climbed from a daily low of $1.47 to a daily high of $1.94.
Apart from WIF, another important meme coin Pepe (PEPE), which is in the top 50 in the market value ranking, has also recorded double-digit growth in the last 24 hours. The price of PEPE has increased by 13% in the last 24 hours, rising from a daily low of $0.00001028 to a daily high of $0.00001198. Floki (FLOKI), one of this season’s popular meme coins, gained 11% and Bonk (BONK) gained 16%.
Impact of whales on Dogwifhat
One of the surprising developments was the sudden price increase in Dogwifhat (WIF). Behind this rise lies the significant purchases of large investors called “whales”. This increase occurred despite high volatility and complex trading behavior in the market. The most notable purchase came from a whale who continued his investments despite previously suffering significant losses in WIF. This whale, which previously suffered a $4.63 million loss on Dogwifhat, spent 3.77 million USDT to buy 2.06 million WIF after the price of the Solana-based meme coin started to rise, according to Lookonchain data.
Whale made this latest purchase at an average price of $1.83 per WIF. This appears to be a continuation of his habit of selling at lower prices and then buying again at higher prices, causing him to incur significant losses. As a matter of fact, just three hours before this last accumulation, the same whale sold all of his 2.34 million WIF for 3.77 million dollars. This led to another significant loss of $2.71 million. This trading strategy, which can be summarized as buying high and selling low, paved the way for two important transactions of the whale, which caused a total loss of 4.63 million dollars.
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