Sign Up on MEXCdogwifhat Whale Sells 539,558 WIF As Open Interest Tops 8%
Highlights
- a dogwifhat whale just bagged a new tranche of $2 million in profit
- Market is experiencing intense volatility with WIF Open interest soaring
- Memecoin competition is now higher than projected
A smart whale investor in the crypto market is currently making headlines following sales of 539,558 dogwifhat (WIF) meme tokens. This move follows an 8% increase in the Open Interest of dogwifhat amid a highly volatile market trend.
dogwifhat Whale Bags Huge Selloff Profit
According to on-chain analytical platform Lookonchain, the whale investors sold all 539,558 WIF at a price of $3.7 per token. From this sale, a total of 11,708 Solana (SOL) was secured placing the value at about $2 million. With this recent transaction, the whale investor now has $24.1 million profits from WIF. This profit, while notable, also represents the whale’s conviction in the future potential of the memecoin.
The smart money sold all 539,558 $WIF for 11,708 $SOL($2M) at a price of $3.7 10 mins ago.
He has realized profits of $24.1M on $WIF, $11M on $boden and $6.28M on $BONK.https://t.co/Lyp0BVyhKO pic.twitter.com/MfcjCsVBfj
— Lookonchain (@lookonchain) May 28, 2024
It is worth noting that the whale transaction coincides with a recent uptick in WIF’s Open Interest (OI). Within the last 24 hours, OI increased by 14.7% to $421.7 million, according to Coinalyze data. WIF trading on Binance recorded the highest OI with $256 million, while Bybit came second with $134.5 million.
Notably, OI refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract. A growing OI indicates bullish momentum in the market as leverage traders open more contracts in anticipation of price movement.
WIF Ranks Among Top Cryptocurrencies
WIF has pushed itself into the top 20 cryptocurrency by market capitalization only a year after its release. At the time of this writing, the WIF ranks number 29 in the market cap hierarchy, trading at $3.57, representing an increase of 8.7% in the past day. The market capitalization stands at $3.5 billion, while trading volume is $1.4 billion.
Apart from WIF, Dogecoin (DOGE) and Bonk (BONK) also made it to the top 10 in OI. However, Bitcoin (BTC) is leading the chart with $11.1 billion in OI, followed by Ethereum (ETH) with $9.15 billion.
The recent rise in OI for memecoins comes from its bullish momentum over the past couple of weeks when WIF reached a new multi-week high above $3.30. Amidst these trend, PEPE soared to a new All-Time High (ATH) of $0.00001718, underscoring the growing competition in the memecoin world.
Read More: Ethereum Founder Vitalik Buterin: Venture Capitalists Hinder AI Progress
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
