Dogwifhat (WIF) Whale Accumulates 1.4 Million Tokens, Price Surges Above 11%
A crypto whale has caught the attention of the memecoin community after amassing a huge amount of WIF tokens, up to the tune of 1.4 million. The action comes amid a global market price correction that has pushed the total crypto market value above 2%. Consequently, Dogwifhat (WIF) displays a bullish outlook as its price has jumped by more than 11% since the accumulation.
1.4 Million WIF Accumulation, What is Happening?
In a recent development, Lookonchain, an analytical tool that offers insights on blockchain transactions, has reported a notable transaction that occurred about 5 hours ago from press time. According to the report, a whale spent about $4.2 million USDC stablecoin to purchase a massive 1.4 million WIF tokens. The whale purchased the tokens at an average price of $2.99.
Additionally, Lookonchain pointed out that this particular whale has been an early trader of the token and has made up to $8 million in profits from trading WIF.
A whale spent 4.2M $USDC to buy 1.4M $WIF at $2.99 5 hours ago.
This whale was an early trader of $WIF and made a total profit of more than $8M on $WIF.https://t.co/UWIt3TBsVQ pic.twitter.com/KYAsIZJ7AG
— Lookonchain (@lookonchain) May 10, 2024
With this, Dogewifhat (WIF) the fourth-largest memecoin by market cap has defied the broader market expectation of a price decline. Investors now anticipate an even higher trajectory by this transaction.
Since its launch, Dogwifhat (WIF) has performed impressively with its price dynamics. In March, the price and market cap of the token surged significantly, as a result, WIF surpassed PEPE as the third-largest memecoin by market cap. The reason behind the spike at the time was speculation on Twitter integrating Dogecoin (DOGE) as a payment method on the platform. Since then, WIF has continued to remain on the trending list, positioning itself as one of the top market gainers.
Dogwifhat (WIF) Price Dynamics
Meanwhile, WIF has continued its rally following the aforementioned whale accumulation. According to data from CoinMarketCap, WIF is now changing hands at $3.15, representing an 11.05% increase in the last 24 hours. What is more, the activities surrounding the token, as portrayed in its trading volume have surged by 26.44% over the last day. As a result, WIF now has a live market cap of $3.148 billion.
According to Coinglass data, open interest has increased to $333 million, an 8.6% jump. An increase in open interest suggests that more money is being invested or that new capital is entering the market. This indicates that a greater number of traders are prepared to hold long positions at the WIF price. WIF options traders have strengthened their positions with capital inflows totaling more than $5 million in the last 48 hours.
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