Dogwifhat (WIF) Price Shoots 13% Amid Whale Accumulation, More Steam Left?

Dogwifhat (WIF), the fourth largest meme coin by market cap, is on a strong upward trajectory once again gaining over 12.97% in the last 24 hours. As of press time, the Dogwifhat (WIF) price is trading at $3.25 with a market cap of $3.240 billion, and is just short of overtaking PEPE Coin as the third-largest meme coin in the market.

Dogwifhat (WIF) Whale Accumulation

According to insights from Lookonchain, a significant transaction occurred five hours ago, with a whale spending 4.2 million USDC to purchase 1.4 million WIF tokens at a price of $2.99. This particular whale has a history of early trading with WIF tokens and has accrued a total profit of over $8 million through these transactions.

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

The recent Dogwifhat price surge has spoiled the broader market expectations of a price drop. Moreover, the whale has played a spoilsport making investors turn their heads towards bullish expectations.

A Look Into the Derivative Market

Investors in the derivatives markets continue to inject more capital into WIF futures contracts for Dogwifhat, fueled by optimism that Solana’s coveted meme coin will resume its upward trajectory in the near future.

Data from Coinglass shows that the open interest has surged by 8.6% to $333 million. Rising open interest indicates fresh capital entering the market or additional investments being made. This means that more traders are willing to take long positions on the WIF price. Within the past 48 hours, WIF derivatives traders have reinforced their positions with over $5 million in capital inflows.

On the other hand, there have been $1.1 million in Dogwifhat liquidations over the past 24 hours. Of these, $753.5K have been liquidated in short positions.

Investors are expecting the Dogwifhat (WIF) price rally to continue if the bulls strike further. Examining potential resistance areas, the upper band Bollinger indicator pinpoints the $3.40 territory as the upcoming significant hurdle. A definitive breakthrough from this resistance cluster could propel the WIF price above $4, as anticipated.

On the downside, $2.5 remains a major support as of now. Breaking this below can lead to bears taking the upper hand.