- WIF has registered a loss of over 3.53%, trading at $0.8058.
- PEPE is trading at $0.00001027, marking a modest spike.
The volatile crypto market is at a critical juncture. Whale activity is a double-edged sword, with the potential to ignite a price rally or set the stage for a market correction.
The largest assets, Bitcoin and Ethereum, have been consolidating. A break above the next crucial resistance could trigger a bull rally, while rejection signals a bear trap.
The on-chain data reveals the whales amassing PEPE and WIF and the large crypto investor’s accumulation signals potential bullish sentiment. Notably, three whale transactions were recorded, withdrawing substantial amounts of PEPE and WIF from Binance.
A whale, “0xf37”, made its first-ever accumulation of 375.35 billion PEPE worth $3.73 million. Another whale “A3kTT”, dormant for two years, reappeared to withdraw 6.5 million WIF valued at $5.19 million. Finally, the whale “4x3M8”, withdrew 9 million WIF estimated at $7.42 million despite incurring a $1.35 million loss from the first trade.
Meanwhile, the meme market cap is settled at $79.1 billion, with the assets priced in red. Could breaking through nearby resistance levels ignite a rapid surge in meme coins?
Price movements of WIF and PEPE
The Solana-based Dogwifhat (WIF) posted a loss of over 3.53%, and it trades at $0.8058, with its daily trading volume reaching $404 million. Besides, the market has observed a $2.04 million WIF liquidation.
In the early hours, the meme coin traded at $0.8505, and the bears chose to rule the day, pulling the price back to $0.7741. WIF is struggling to hold its ground to reclaim $1.
On the other hand, PEPE, the third-largest meme coin, has spiked by over 0.89%. At the time of writing, the meme coin traded at $0.00001027. The market has witnessed a $1.19 million liquidation in PEPE.
The bear trap in the market drove the frog-themed PEPE to visit its daily low of $0.000009783 from a high of $0.00001044.
Moreover, both assets’ Moving Average Convergence Divergence (MACD) line and signal line are below the zero line. This crossover suggests the overall negative trend within the market.
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