Sign Up on MEXCDogwifhat (WIF) Price Shoots 13% Amid Whale Accumulation, More Steam Left?
Highlights
- Dogwifhat challenges PEPE coin for the 3rd spot among the top-ten meme coins by market cap.
- A whale purchased 1.4 million WIF tokens for 4.2 million USDC at a price of $2.99.
- Open interest in WIF futures has surged by 8.6% to $333 million.
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.
- 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
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- 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
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
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.
