Dogwifhat (WIF) price has experienced a significant decline after a massive sell-off. On Friday, a whale investor dumped 850,000 WIF tokens, causing the price to decline by over 15% on the day. With this move, the whale earned approximately 7.5 million dollars.
The Sale of the Whale Had an Effect on the Market
According to blockchain analytics platform Lookonchain, during the transaction that took place on November 15, the whale sold 850,000 WIF tokens for 15,987 SOL. The address that performed the transaction was determined as 3cBB2Z.. Despite this sale, the whale still has 50,000 WIF in his wallet.
Although this massive sale demonstrated WIF’s earnings potential, it damaged investor confidence. The market’s reaction to this sale caused concern among some investors. However, hopes remain that the WIF price may recover in the future.
There is Movement in Other Tokens Too
The same whale was also noted to have made huge profits from PNUT, another Solana-based meme token. Whale purchased 1.74 million PNUT for 3,800 SOL, making a potential profit of $2.07 million. Additionally, the whale’s portfolio includes tokens such as GIGACHAD (GIGA) and Chaos and Disorder (CHAOS).
Market Data Gives Worry
In the last 24 hours, the WIF price dropped by 16% to $3.54. The daily lowest and highest prices of the token were $3.38 and $4.33, respectively. Additionally, transaction volume decreased by 48% to $1.99 billion. This shows that investors’ interest in WIF has decreased.
A similar decline is also noticeable on the futures front. According to Coinglass data, open interest in WIF futures decreased by 19% to $609.02 million. Derivative transaction volume decreased by 41% to 4.17 billion dollars.
Market experts think that there may be a recovery in the crypto market in the last quarter of the year. The market is expected to revive, especially with the impact of the US election results. CoinGape Media predicts that WIF may reach a new peak.
Despite the massive sell-off, the market continues to monitor WIF’s potential. It is important for investors to be careful and follow market movements closely. WIF’s performance in the coming period may be decisive for the general condition of the market.
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.
