Ethereum

The overall cryptocurrency market is experiencing massive <a href="https://news.todayq.com/will-bitcoin-hold-200-ema-or-hit-the-53000-level/" rel="noopener noreferrer nofollow">selling pressure</a>, with Bitcoin (BTC) and Ethereum (ETH) each sinking more than 6%. Amidst this downturn, on July 4, 2024, an on-chain analytic firm lookonchain made a post on X stating that a whale dumped a massive 900K dogwifhat (WIF) tokens worth $1.64 million onto Bybit.&nbsp;
Besides this massive deposit, this whale still holds 974K WIF tokens worth $1.76 million, as per the lookonchain report.
The price of Whale dumps $1.65 million worth of WIF token&nbsp; 
Following this massive sell-off, Solana-based WIF experienced a price fall of over 14%. Meanwhile, other Solana-based meme coins including Bonk (BONK), Book of Meme (BOME), and Cat in a Dogs World (MEW) also plunged significantly, according to coinmarketcap. In the last 24 hours, BONK, BOME, and MEW experienced a price drop of 9%, 8.5%, and 12% respectively.&nbsp;
The reason behind this massive price drop in Solana-based meme coins is the current market sentiment and the massive price drop in Solana (SOL). Today, SOL has lost over 8% of its value. Additionally, other contributing factors to this price fall are the postponement of the spot Ethereum ETF by the US SEC and the update on Mt. Gox BTC repayments.&nbsp;
At the time of writing, WIF is moving near the $1.8 level and it experienced a 13% price drop. Whereas, the 24-hour trading volume also significantly surged by 101% to $618 million signaling a notable participation amongst the traders and investors.&nbsp;
If we look at the performance of WIF over a longer period, in the last 7 days, despite this massive price drop it only lost 12% of gains. Whereas, in the last 30 days WIF is down by over 44% and its price has fallen from $3.55 to $1.8 level. WIF technical analysis and key levels 
According to expert technical analysis, despite the massive fall WIF is looking bullish making a reversal from an import support level of $1.65. However, WIF is bullish until it gives a breakdown of this support level and daily candle closing below the $1.55 level. If WIF fails to sustain this $1.55 level then there is a possibility of a massive sell-off and the price may fall to the $0.90 level.
As of now, the market is in bearish sentiment, and in the last 24 hours, the open interest (OI) of WIF has dropped nearly by 10% signaling a lack of investors’ and traders’ interest and confidence.

Dogwifhat (WIF) open interest plunges 10%, Bearish sign or what?

Todayq News

Other articles published on Jul 4, 2024

3 Top Real World Asset Cryptocurrencies To Monitor In July 2024

Bitcoin Price Drops Below $58,000 on Coinbase

Ethereum Developers Unveils EIP-7732 Designed for Speed

Shiba Inu (SHIB) to Add Zero? Price Makes Unprecedented Turn

Bitcoin Core Developers Implement Policy

Get Free Crypto Tokens Today

Join our free newsletter for daily crypto updates!