The popular Solana-based meme coin Dogwifhat (WIF) has been attracting a lot of attention from big investors recently. The heavy buying by investors has positively affected market sentiment. Today, blockchain analytics platform LookonChain reported that two major whales have significantly increased their WIF holdings. These whale addresses have purchased a total of 20.58 million WIF coins worth $33.5 million by buying WIF during price drops over the past two weeks.
WIF Price and Market Dynamics
This accumulation by Dogwifhat whales reflects the confidence of major investors in the future potential of the Solana-based meme coin. Despite September being a tough month for the crypto market, whales are seen buying at low prices and waiting for the future bull run. Despite expectations that the Fed may cut interest rates this month, analysts suggest that the market may follow an upward trend in the fourth quarter.
WIF Price Falls Despite Whale Activity
Over the past 24 hours, Dogwifhat price has been under strong selling pressure. Donald Trump’s failure to advance against Kamala Harris in the first presidential debate has negatively affected the meme coin price. Dogwifhat price has fallen by 8.65% to $1.54, and its market cap has fallen to $1.536 billion. Daily trading volumes have also decreased by 38% to below $250 million.
Since its March peak of $4.6, WIF has been in a downtrend, forming lower highs and lows. Since its all-time high, the price has fallen by 66%. After falling to $1.0 in August, WIF has since shown signs of a recovery, but needs to defend these support levels.
Coinglass data showed that the coin’s open interest fell by 8.5% to $211.6 million today. Additionally, derivatives volume fell by 24.68% to $889 million, raising investor concerns despite the recent whale data.
The large purchases of Dogwifhat whales have created a positive market sentiment for the coin. However, the recent price declines and market dynamics require investors to be cautious. How the WIF price will trend in the future will largely depend on the general market conditions and the whales’ strategies. Investors should closely monitor potential price movements and carefully evaluate market data.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
