- Dogwifhat (WIF) price fell 11% on the day as the leading meme coin struggled.
- POPCAT tokens were also traded low, falling 20% in 24 hours.
- The whale abandoned both WIF tokens and POPCAT tokens at a loss.
Dogwifhat ($WIF) and Popcat (POPCAT) are down double digits over the past 24 hours as the overall meme coin market experiences a significant sell-off.
Dogwifhat fell 11% due to meme coin slip.
WIF, one of the tokens fueling the rise of meme tokens on the Solana network, fell 11% in 24 hours on May 18.
Dogwifhat prices have fallen 17% in the past week. WIF is currently trading at $2.56.
In comparison, the top meme coins Dogecoin, Shiba Inu, Pepe, and Floki have all been green over the past seven days, despite their gains tapering off over 24 hours. However, this token has been in the red for the last 24 hours.
POPCAT fell 20% in 24 hours.
As well as Dogwifthat, another meme token that has suffered double-digit losses over the past day and week is Popcat. The Solana internet meme token is down 20% in the last 24 hours, with a weekly loss of 14%.
Popcat’s lack of intrinsic value will likely contribute to additional price pressure if the bears consolidate their dominance in the meme coin market.
The token has been trading at around $0.3, down more than 48% since hitting an all-time high above $0.71 on May 4.
Whale Dump WIF and POPCAT
As Lookonchain noted, on-chain data shows that whales dumped WIF and POPCAT at a loss just a few days after frying the meme tokens.
The whale purchased $2.18 million worth of WIF, earning 732,481 WIF tokens at a price of $2.98 three days ago. According to the data, large meme holders acquired 716,344 POPCATs at $0.5, totaling $361,000.
Today whales dumped 732,481 WIF for $1.85 million and 716,344 $POPCAT for $281,000. This resulted in losses of $336,000 for Dogwifhat and $80,000 for POPCAT.