The prices of Dogwifhat (WIF) and Popcat (POPCAT) have dropped by double-digit percentages in the past 24 hours, reflecting a broader sell-off in meme coins.
Dogwifhat Drops by 11%
WIF, a token on the Solana network that played a role in the surge of meme tokens, saw its price decrease by 11% on May 18, reaching $2.56. Over the past week, Dogwifhat has experienced a 17% decline.
Although other top meme coins like Dogecoin, Shiba Inu, Pepe, and Floki have gained over the past week, they have also seen losses in the last 24 hours.
Popcat Down by 20%
Similarly, Popcat, another Solana meme token, has also faced significant losses, with a 20% drop in the past 24 hours and a 14% weekly decrease.
The lack of intrinsic value in Popcat may lead to further price declines if bearish market conditions persist in the meme coin space.
Whale Sells Off WIF and POPCAT
Recent on-chain data revealed that a large investor, or whale, recently sold off a significant amount of WIF and POPCAT tokens at a loss. The whale bought $2.18 million worth of WIF and $361,000 worth of POPCAT, only to sell them a few days later for $1.85 million and $281,000, respectively, resulting in substantial losses.
