Crypto Whales Seize the Dip as Bitcoin Slips Below $97K – Is a Memecoin Rally on the Horizon?
Bitcoin’s (BTC) recent drop below the $97,000 mark has triggered a market-wide selloff, sending major altcoins into the red. However, while the broader crypto market faces turbulence, opportunistic whales are capitalizing on the dip, aggressively accumulating top memecoins like Pepe (PEPE) and dogwifhat (WIF). Could this signal the beginning of the next memecoin resurgence?
Crypto Market Takes a Hit, But Trading Volume Climbs
The global cryptocurrency market cap has plunged by over 2% in the past 24 hours, settling at approximately $3.16 trillion. However, despite the downturn, trading activity has surged, with the 24-hour volume jumping 7% to $127.58 billion.
The volatile conditions have led to the liquidation of over 123,000 traders, with total liquidations exceeding $252 million. Amidst the turmoil, deep-pocketed investors are strategically increasing their holdings in select tokens, hinting at a potential memecoin rally.
Whales Double Down on PEPE
On-chain data from Spotonchain reveals that crypto whales are making significant bets on PEPE. One whale, linked to the wallet address “0xe7d,” spent 975 Ethereum to acquire 280.85 billion PEPE (worth approximately $2.65 million). This purchase brought its total PEPE holdings to over 1.4 trillion tokens, with an unrealized profit of $13.75 million.
Another notable transaction came from the wallet “0xf37,” which made its first large-scale accumulation, acquiring 375.35 billion PEPE for roughly $3.73 million.
Despite being a top-performing memecoin over the past year, PEPE has struggled in recent weeks. The token’s price has plummeted by over 27% in the last 7 days and 63% in the past two months, presenting an attractive buy-the-dip opportunity for seasoned traders.
Currently, PEPE is trading at $0.0000094, reflecting a 9% drop in the past 24 hours. However, its trading volume surged 30% to $853 million, indicating heightened market activity, potentially fueled by panic selling and strategic accumulation.
WIF Faces Selling Pressure, But Whales Keep Buying
Dogwifhat (WIF) has also drawn interest from whales despite its declining price. A newly created wallet, “4FhF5,” withdrew 9.48 million WIF (worth $7.17 million) from Binance. Meanwhile, another whale, “A3kTT,” which had remained dormant for two years, re-entered the market with a 6.5 million WIF purchase (valued at $5.2 million).
Additionally, wallet “4x3M8” withdrew 9 million WIF (worth $7.5 million), doubling down on the dip even after reportedly losing $1.35 million on a previous WIF trade.
Despite these whale activities, WIF remains on a downward trajectory, with its price down 60% year-to-date (YTD). Over the past 24 hours alone, WIF has slid 8%, currently trading at $0.741, with a 7% drop in trading volume, now at $365 million.
Are Whales Betting on a Memecoin Revival?
As Bitcoin’s decline shakes the market, whales are making bold moves on memecoins, signaling potential optimism for a future recovery. While PEPE and WIF are currently facing heavy losses, the accumulation by deep-pocketed investors suggests they may be positioning for an eventual rebound. Whether this triggers the next memecoin rally remains uncertain, but for now, the whales are certainly making their bets.
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