Solana

Large holders, also known as whales, of the <a href="https://coingape.com/markets/should-you-buy-the-3-solana-meme-coins-to-hold-forever/" target="_blank" rel="noopener">Solana meme coin</a> Dogwifhat (WIF) have offloaded substantial amounts of their holdings. It has potentially catalyzed further declines after a sharp drop in the WIF price this week. Over the past week, approximately $16 million worth of WIF tokens have been sold, prompting speculation about the future trajectory of its value. 
<h2 id="dogwifhat-whales-dump-tokens-to-exchanges">Dogwifhat Whales Dump Tokens To Exchanges</h2> 
According to data from Solscan, a Dogwifhat whale dumped a massive reserve of 5.97 million tokens to Binance today. Moreover, the transaction was worth $12.1 million, which could have worsened the downtrend. Earlier this week, a major whale initiated a massive sell-off, liquidating around $3.5 million worth of WIF within a few hours. 
Furthermore, these large-scale selloffs exerted considerable downward pressure on the meme coin’s price. At press time, the <a href="https://coingape.com/galaxy-ceo-hints-dogwifhat-accumulation-wif-price-to-rally/" target="_blank" rel="noopener">WIF price</a> plunged 14.54% to $1.85 in the last 24 hours, trading below the critical $2 support level and settling at $1.85, as reported by CoinMarketCap. 
This marks the continuation of a bearish trend that has seen the Dogwifhat meme coin lose 25% in the past week and over 35% in the past month. Moreover, the rapid decline in WIF’s value reflects a broader trend within the cryptocurrency market, where investor enthusiasm for meme coins has been waning. 
Meanwhile, the market capitalization of Dogwifhat has dropped by 14.5% to $1.85 billion, positioning it at rank 49 in market cap listings. Despite the price downturn, the trading volume for WIF over the past 24 hours has increased by 7.22%, totaling $390.43 million. This surge in trading activity indicates significant market movements as investors react to the recent sell-offs. 
Also Read:&nbsp;<a href="https://coingape.com/markets/dogwifhat-price-prediction-as-market-sentiment-wanes-can-wif-defy-trend-to-1/" target="_blank" rel="noopener">Dogwifhat Price Prediction: As Market Sentiment Wanes, Can WIF Defy Trend To $1?</a> 
<h2 id="what-s-next-for-wif-price">What’s Next For WIF Price?</h2> 
The selling spree by whales, or large holders, of Dogwifhat has contributed to growing pessimism among traders. Moreover, the drop in price and the substantial offloading of tokens signal a lack of confidence in the meme coin’s future performance. This sentiment is further corroborated by data from Santiment, which shows a downturn in open interest across various exchanges. 
The total open interest for WIF has decreased from $180 million to $166.9 million. This reflects a cautious stance among investors who are now liquidating long positions rather than initiating new shorts. In addition, this cautious approach among traders and investors is indicative of a broader shift in sentiment within the digital asset market. 
Moreover, the fading interest in speculative investments, particularly meme coins like <a href="https://coingape.com/binance-key-announcement-wif-bonk-floki-not-zk-crypto/" target="_blank" rel="noopener">Dogwifhat</a>, underscores a growing caution towards high-risk assets amid market corrections and increased volatility. The past month has seen Dogwifhat’s valuation drop by more than 35%, a clear indication of the challenges facing the meme coin. 
The recent price action and whale behavior suggest that the bearish trend for WIF may continue. The critical $2 support level, which has been breached, is a significant psychological and technical barrier. As the coin trades below this level, further declines could be on the horizon if investor confidence does not return. 
According to <a rel="nofollow" href="https://www.coinglass.com/currencies/WIF" target="_blank">Coinglass</a> data, the Dogwifhat meme coin has also noted significant long liquidations. In the past 24 hours, $1.38 million WIF longs were liquidated, which could have expedited the latest bearish turn. 
Also Read:&nbsp;<a href="https://coingape.com/trending/dog-themed-meme-coins-outpace-solana-rivals/" target="_blank" rel="noopener">Dog-Themed Meme Coins Outpace Solana Rivals</a> 
The post <a href="https://coingape.com/dogwifhat-whales-offload-16m-tokens-amid-24-weekly-dip-will-wif-price-drop-further/">Dogwifhat Whales Offload $16M Tokens Amid 24% Weekly Dip, Will WIF Price Drop Further?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogwifhat Whales Offload $16M Tokens Amid 24% Weekly Dip, Will WIF Price Drop Further?

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