Dogwifhat and Popcat sell-off as whale dumps tokens

• Dogwifhat (WIF) price was down 11% on the day as top meme coins struggled.
• The Popcat (POPCAT) token also traded lower, falling by 20% in 24 hours.
• A whale has dumped both WIF and POPCAT tokens at a loss.

Dogwifhat ($WIF) and Popcat (POPCAT) are down double-digits in the past 24 hours as the overall meme coins market experiences a significant sell-off.

Dogwifhat sheds 11% amid meme coin slip

WIF, one the tokens to catayse the rise of meme tokens on the Solana network, was down 11% in 24 hours on May 18.

Dogwifhat price has declined by 17% in the past week. WIF currently trades at $2.56.

Comparatively, top meme coins Dogecoin, Shiba Inu, Pepe and Floki are all green in the last seven days despite shedding gains in the 24-hour period. These tokens are however in the red in the past 24 hours.

Popcat (POPCAT) down 20% in 24 hours

As well as Dogwifthat, another meme token losing by double-digits in the past day and week is Popcat. The Solana internet meme token is down 20% over the last 24 hours to see weekly loses hit 14%.

Popcat’s lack of inherent value is likely to contribute to further price pressures if bears intensify their control in the meme coin market.

The token changed hands around $0.3, down more than 48% since hitting an all-time high above $0.71 on May 4.

Whale dumps WIF and POPCAT

As noted by Lookonchain, onchain data shows a whale has dumped WIF and POPCAT at a loss just days after splashing on the meme tokens.

The whale bought $2.18 million worth of WIF, acquiring 732,481 WIF tokens at the price of $2.98 three days ago. Data also shows the large meme holder scooped 716,344 POPCAT at $0.5 for a total of $361,000.

Today, the whale dumped 732,481 WIF for $1.85 million and 716,344 $POPCAT for $281,000. This resulted in losses of $336,000 on Dogwifhat and $80,000 on POPCAT.