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The cryptocurrency market has been under significant pressure, with a widespread sell-off causing notable losses across various digital assets. Among the affected, PEPE and Dogwifhat have recorded losses exceeding 10%, reflecting the broader market's bearish sentiment.

PEPE, a frog-themed meme coin, saw its price slump by 11% in the last 24 hours, falling to $0.0000102 at press time. Following this downturn, PEPE is down 18% in the last seven days.

Dogwifhat (WIF), another meme coin that operates within the Solana ecosystem, experienced a steep decline, tumbling 12.73% in the last 24 hours. At the time of writing, WIF was trading at $1.95 and remains down 3.61% over the past seven days.

The cryptocurrency market has been under pressure from several factors, leading to a wave of sell-offs. Macroeconomic conditions and waning investor sentiment are among the key contributors to the current bearish trend.

Likewise, recent movements by whales, or large holders, might have exacerbated the sell-off for Dogwifhat and PEPE, contributing to the sharp declines.

Dormant PEPE whale revives amid sell-off

In a surprising turn of events amid the ongoing cryptocurrency market sell-off, a long-dormant PEPE whale has come back to life.

According to SpotOnChain, a PEPE holder, dimethyltryptamine.eth, which had been inactive with its PEPE holdings for over 10 months, recently executed a significant sell-off. The whale sold 10 billion PEPE tokens, valued at $112,000, for 32.73 ETH a few hours ago.

This address was an early adopter of PEPE, buying into the token long before it gained its current popularity. The initial investment of $45,000 transformed into a staggering $26.7 million, marking an impressive 58,600% return on investment. This large Pepe holder now holds 1.99 trillion PEPE worth $21.9 million.