Coinspeaker
Dogwifhat Whales on Accumulation Spree, Will WIF Price Recover?
Solana-based popular meme coin dogwifhat WIF $1.56 24h volatility: -7.1% Market cap: $1.56 B Vol. 24h: $336.57 M is currently seeing a strong whale demand as the investors cohort goes on a strong accumulation spree. Amid this strong whale action, the market sentiment for the meme coin has turned positive and optimistic.
Earlier today, September 11, popular blockchain analytics platform LookonChain reported that two major whales have significantly increased their WIF holdings over the past two weeks. The whale addresses D2Noa1.. and 22Nt… have been buying WIF at every price dip and have collectively purchased 20.58 million WIF coins worth a staggering $33.5 million.
2 whales have accumulated 20.58M $WIF($33.35M) from #Binance and #Bybit in the past 2 weeks!https://t.co/4bnfADQpqGhttps://t.co/FOWIMI1S0P pic.twitter.com/tOUIDlDEXY
— Lookonchain (@lookonchain) September 11, 2024
This dogwifhat whale accumulation has fueled optimism for the Solana-based meme coin thereby reflecting strong confidence among large-scale investors in its future prospects. with September being a challenging month for the entire crypto market, whales seem to have adopted a smart strategy of buying the dips and waiting for the bull run in the upcoming months.
Despite potential Fed rate cuts anticipated this month, analysts suggest that the market could start trending upward as Q4 begins. Alongside whale activity, there is potential for Dogwifhat to experience a positive shift in the near future.
WIF Price Tanks Despite Whale Activity
In the last 24 hours, the meme coins have come under strong selling pressure as Donald Trump loses an edge over Kamala Harris after the first Presidential debate on Tuesday. As a result, the dogfiwhat (WIF) price is also trading under severe pressure dropping 8.65% in the last 24 hours all the way to $1.54 levels with its market cap at $1.536 billion. Also, the daily trading volumes for WIF have tanked by 38% slipping under $250 million.
Since its high of $4.6 in March this year, WIF price has formed a chart pattern of lower highs and lower lows. From its all-time high, the WIF price has already corrected 66% so far. Following the low of $1.0 on Black Monday, August 5, the WIF has shown signs of a rebound. However, it needs to defend these support levels to prevent a further crash.
Also, Coinglass data illustrated an 8.5% decline in the coin’s future OI to $211.6 million today. Further, even the derivatives volume plunged 24.68% to $889 million, raising investor concerns in contrast to the recent whale data.
Dogwifhat Whales on Accumulation Spree, Will WIF Price Recover?
