Meme season brewing? Whales loading up PEPE, WIF amid dip

Bitcoin’s (BTC) slide under the $97,000 mark sent all the major altcoins to print red indexes all around. As the decline continues, crypto whales are finding this period as the “Buy the dip” opportunity and scooping top meme coins like Pepe and dogwifhat (WIF). Are whales preparing for the next memecoin rally?

The global digital assets market cap dropped by more than 2% in the last 24 hours to $3.16 trillion. Its 24-hour trading volume surged by 7% to $127.58 billion. The market saw more than 123k traders, who had set their long and short bets, liquidate in the past 24 hours. However, the total liquidation stands at $252 million.

Whales double down on PEPE

According to Spotonchain’s data, whales have been caught accumulating PEPE and WIF tokens. A crypto wallet with the address “0xe7d” spent 975 Ethereum to buy 280.85 billion PEPE (worth about $2.65 million). This whale wallet now holds more than 1.4 trillion PEPE tokens (approx. $13.2 million), with a huge profit of $13.75 million.

Another whale with the wallet address “0xf37” scooped 375.35 billion PEPE (approximately $3.73 million), marking its first massive accumulation.

PEPE has been one of the most trending crypto in the market for the past year. It is now struggling to keep up as the meme category tokens are sliding all in and out. PEPE’s price has dropped by over 27% in the last 7 days and 63% in the past 60 days, marking a huge buy-the-dip opportunity.

Whales are scooping up #memecoins $WIF and $PEPE from #Binance today!

1️⃣ Whale “0xf37” withdrew 375.35B $PEPE ($3.73M) 3 hours ago. This is the whale’s first accumulation.

2️⃣ Whale “A3kTT” returned after 2 years of dormancy and withdrew 6.5M $WIF ($5.19M) 9 hours ago.

3️⃣ Whale… pic.twitter.com/OJka2UvnCp

— Spot On Chain (@spotonchain) February 6, 2025

PEPE’s price dropped by 9% in the last 24 hours. Its 24-hour trading volume spiked by 30% to $853 million, suggesting that traders are panicking and moving their funds. At the press time, PEPE is trading at an average price of $0.0000094.

WIF struggles, but whales aren’t done stacking

Crypto whales also went after WIF during the ongoing decline. A fresh whale created a new wallet, “4FhF5” and added 9.48 million dogwifhat tokens (worth $7.17 million) from Binance. Meanwhile, another whale with the address “A3kTT” came out of 2 years of dormancy and scooped 6.5 million WIF (approx worth $5.2 million).

Data shows that a whale wallet, “4x3M8,” had withdrawn 9 million WIF (approx worth $7.5 million). It has bought the dip despite allegedly losing $1.35 million from its first WIF trade.

WIF is on a dwindling trajectory as the buzz around the token vanished. Dogwifhat’s price dropped by 60% on a year-to-date (YTD) basis. WIF dragged down by another 8% in the last 24 hours and is trading at an average price of $0.741 at the press time. Its 24-hour trading volume is also down by 7% to stand at $365 million.