Chest Coins Are Flying While BTC, ETH Fall: Watch Out for Those 6!

While the Bitcoin and cryptocurrency markets have been in a downward trend for the last week, the situation has turned around for chest coins. Chest coins, which recorded double-digit growth in the last 24 hours, excited investors. Here are the details…

Meme coins are experiencing a leap

Chest coins were among those suffering the most losses as the broader crypto market trended in the red. Bitcoin is currently at a monthly low of $58,554, while Dogecoin followed the general market trend with an increase of only 2.4%. Shiba Inu, on the other hand, made limited progress, recording an increase of only 0.15% on the daily chart. However, the real winners of the recent rise were the new breast coins that emerged in the last few months. Solana-based Popcat gained 50%, while Mog Coin gained 39%. This rise not only reversed the market trend, but also brought chest coins back to the agenda after the recent declines.

Dogwifhat (WIF), which made a name for itself by reaching a market value of $ 4 billion in early 2024, fell to $ 1.47 this week, seeing low levels it had not seen for months. However, with the sudden rise on June 25, WIF compensated for most of its losses and recorded an increase of over 25%. The token, which was trading around $1.83 at the time of writing, climbed from a daily low of $1.47 to a daily high of $1.94.

Apart from WIF, another valuable breast coin Pepe (PEPE), which is in the top 50 in the market value ranking, has also recorded double-digit growth in the last 24 hours. The price of PEPE has increased by 13% in the last 24 hours, rising from a daily low of $0.00001028 to a daily high of $0.00001198. Floki (FLOKI), one of the well-known chest coins of this period, gained 11% and Bonk (BONK) gained 16%.

Impact of whales on Dogwifhat

One of the surprising developments was the sudden price increase in Dogwifhat (WIF). Behind this rise lies the valuable purchases of large investors called “whales”. This increase occurred despite high volatility and complex process behavior in the market. The most striking purchase came from a whale who continued his investments despite previously suffering significant losses in WIF. This whale, which previously suffered a $4.63 million loss on Dogwifhat, spent 3.77 million USDT to buy 2.06 million WIF after the price of the Solana-based chest coin started to rise, according to Lookonchain data.

Whale made this latest purchase at an average price of $1.83 per WIF. This seems to be a continuation of his habit of selling at lower prices and then buying again at higher prices, causing him to incur significant losses. In fact, just three hours before this last accumulation, the same whale sold all of its 2.34 million WIF for 3.77 million dollars. This led to another significant loss of $2.71 million. This trading strategy, which can be summarized as buying high and selling low, paved the way for two valuable transactions of the whale that led to a total loss of 4.63 million dollars.