Ethereum

Solana

Bitcoin

<p>The post <a href="https://coinpedia.org/price-analysis/dogwifhat-wif-could-fall-to-1-heres-why/">Dogwifhat (WIF) could fall to $1, Here’s why</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>At current the overall market appears a solid bearish, as top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced price falls of over 5.5%, 5.2%, and 10% respectively, in the last 24 hours. Amid this selling pressure, whale sell-off a significant 14.53 million of <a href="https://coinpedia.org/news/arthur-hayes-believes-dogwifhat-wif-price-is-about-to-hit-10/">dogwifhat (WIF)</a> tokens, as reported by an on-chain analytic firm Lookonchain.</p> 
<h2 class="wp-block-heading" id="h-whale-dumps-24-million-of-wif-tokens-nbsp"><strong>Whale dumps $24 million of WIF tokens&nbsp;</strong></h2> 
<p>Today, on August 3, 2024, Lookonchain made a post on X (previously Twitter) stating that nearly five wallets that potentially belong to the same individual have dumped over $24 million worth of WIF tokens. However, this massive sell-off comes following the breakdown of a crucial support level of $157 in Solana.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">5 wallets(may belong to the same person) sold 14.53M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($24M) 7 hours ago!<br><br>Incredibly, this guy bought 14.53M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> on Nov 30, 2023, and the cost was only $5,340!<br><br>He got a 4,497x return!<br><br>If he sold at the highest price, he would have made a profit of more than $69M, a 12,927x… <a href="https://t.co/Of1kpEwOze">pic.twitter.com/Of1kpEwOze</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1819585512501661794?ref_src=twsrc%5Etfw">August 3, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Additionally, with this sell-off whale has made a return of over 4,500x in less than a year. According to Lookonchain, this whale has purchased this notable 14.53 million for $5,340.</p> 
<p>As of writing, WIF is trading near $1.71 and has experienced over 12% downside momentum in the last 24 hours. Additionally, WIF’s open interest (OI) has also dropped by 5.5% during the same period, which signals lower interest from the crypto community amid this bearish outlook.</p> 
<h2 class="wp-block-heading" id="h-wif-technical-analysis-and-key-levels"><strong>WIF technical analysis and key levels</strong></h2> 
<p>According to expert technical analysis, WIF looks bearish and may fall another 15% and reach the $1.4 level, in the coming days. However, this level will act as a crucial support level for WIF. Meanwhile, if WIF further fails to maintain this $1.4 level, then it could experience more selling pressure to $0.90.</p> 
<p>As of now, the major liquidation levels come near $1.58 on the lower level and $1.76 on the upper side, according to CoinGlass data. If WIF continues to fall and hit the $1.58 level, nearly $6 million of the long position will be liquidated. Conversely, if WIF experiences upside momentum and hits the $1.76 level, nearly $6 million of long will be liquidated.</p>

Dogwifhat (WIF) could fall to $1, Here’s why

Table of Contents

CoinPedia News

Other articles published on Aug 3, 2024

The Buzz Around Kishu Inu: Upcoming Crypto Presales

How Cryptographic Signatures Are Revolutionizing Trust in Legal Transactions

Bitcoin ETFs Acquire 300,000 BTC in 7 Months: Major Rise Upcoming?

Is the SEC Giving up the Battle Against Cryptos?

2,200 letters flood Senate seeking support for Bitcoin Strategic Reserve

Wealth Advisor Sees Potential in XRP Amid Market Trends

Join our free newsletter for daily crypto updates!