According to LookOnChain data, a dogwifhat (WIF) whale has spent 4.65 million USDC to buy 2.3 million WIF coins at $2.08 per coin. The whale is also the largest WIF holder and currently has 23.39 million WIF tokens. According to LookOnChain, the whale has made a profit of $83 million on the memecoin. LookOnChain also highlights that the whale spent 86,738.1 Solana (SOL) to buy 17.22 million WIF in a single trade.
Also Read: Solana-based WIF and BONK Dominate Charts: Will It Continue?
The whale may have increased his WIF holdings in expectations of a price bump. Traders may be opting for alternative cryptocurrencies, such as memecoins, given that mainstream assets, such as Bitcoin and Ethereum, are struggling to gain momentum
Will dogwifhat undergo a trend reversal?
The whale’s purchase may have boosted WIF’s price, which has rallied by 10.2% in the daily charts. The asset continues to trade in the red zone across other time frames. WIF is down by 3% in the weekly chart, 23.2% in the 14-day chart, and 34.4% over the previous month.
dogwifhat is among the better-performing cryptocurrencies of the last few months. The asset hit an all-time high of $4.83 on Mar. 31, 2024, but has since fallen by over 58%.
Also Read: Dogwifhat: Can WIF Hit $5 Now That Musk Knows About The SOL Meme Coin?
According to the analysts at CoinCodex, WIF may enter a bullish phase over the next few weeks. The platform anticipates the memecoin to reach a new all-time high in July, hitting $6.87 on July 24, 2024, a rise of about 242% from current levels.
Additionally, considering the fact that the whole cryptocurrency market is at a standstill, it is possible that dogwifhat will experience a correction in the next days. As long as Bitcoin (BTC) doesn’t reverse course and stays below $62,000, the overall market may continue to decline.