Solana-based meme coin Dogwifhat (WIF) gained significant optimism on Monday with the movements of a whale accumulating nearly $16 million worth of tokens from Binance. On-chain data shows that this smart money’s previous trading strategies helped the investor make remarkable profits. This development created a significant upward expectation for the WIF price. Meanwhile, the fact that the meme token has not gained nearly 4% in value in the last day has reinforced investors’ optimism about the price.
Dogwifhat Whale Made Heavy Accumulation from Binance
According to Lookonchain data, as of November 9, smart whale address D2Noa has accumulated 6.9 million WIF tokens, worth $15.87 million, from crypto exchange Binance. According to the data, this whale previously bought $15 million worth of WIF and later sold it all, making a profit of $8 million.
In light of this remarkable profit-making trading strategy recorded in the past, the smart trader’s current accumulation has increased optimism about the future movements of the meme token. It is also supported by solscan data that the trader mostly only holds the Dogwifhat token, while other small market cap tokens are held in negligible amounts.
Price Increase Expected
At the same time, WIF price is trading at $2.44, up nearly 4% in the last 24 hours. The daily lowest and highest values of the coin were recorded as $2.21 and $2.50, respectively. Meme token continues to rise in line with the significant buying pressure mentioned above. Additionally, the coin’s 24-hour trading volume rose 4% to $2.44 billion.
Justin Bennett stated that “if WIF remains above $2.30, the coin could rise to $2.90 in the coming period.”
Famous analyst Ali Martinez said, “Dogwifhat seems to be coming out of a bull flag and a 20% increase is targeted in the coming period.”
Market Optimism Increases
Overall, the massive accumulation by a smart trader created significant optimism on the market and highlighted the top meme coin’s potential going forward. Latest market statistics show that the leading Solana meme coin is poised for a remarkable bull run in the coming period.
In light of these developments, the WIF token attracts attention among investors and affects market dynamics, causing expectations to rise regarding future price movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
