2024

Reversal

dogwifhat

View

<p>The post <a href="https://coinpedia.org/news/wifs-largest-holder-makes-2-7m-purchase-bullish-reversal-imminent/" rel="noopener noreferrer nofollow">WIF’s Largest Holder Makes $2.7M Purchase, Bullish Reversal Imminent?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Since July 2024, the popular Solana-based meme coin Dogwifhat (WIF) has experienced a price decline of over 43%. Amid this notable drop, today, on August 23, 2024, the largest dogwifhat (WIF) holder purchased a significant 1.8 million tokens worth $2.7 million.</p>
<h2 class="wp-block-heading" id="h-wif-largest-holder-buys-1-8-million-wif-tokens"><strong>WIF Largest Holder Buys 1.8 Million WIF Tokens</strong></h2>
<p>In a post on X (previously Twitter), the on-chain analytic firm lookonchain shared that the whale has deposited nearly 21.9 million WIF tokens worth $35.48 million into Kamino and borrowed 3.24 million USDC, which was later used to buy 1.8 million WIF tokens.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The largest holder of <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a>, with over $68M in profit, is buying more and going long on <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a>!<br><br>In the past 3 days, he deposited 21.9M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a>($35.48M) into <a href="https://twitter.com/hashtag/Kamino?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kamino</a> and borrowed 3.24M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a>, then spent 2.7M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> to buy ~1.8M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a>!<br><br>This whale spent $226K to buy 19.86M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a> at only… <a href="https://t.co/4iXzJPlT8s" rel="noopener noreferrer nofollow">pic.twitter.com/4iXzJPlT8s</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1826886333266362414?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>With the recent purchase, the largest WIF holder now owns a substantial 27.2 million tokens worth $44.36 million, with a total profit of over $68 million. Lookonchain, data shows this whale holds over 19.86 million WIF tokens when it was trading near $0.0114. However, the current purchase indicates a potential upside rally in the coming days.&nbsp;</p>
<h2 class="wp-block-heading" id="h-wif-price-prediction-for-august-2024"><strong>WIF Price Prediction for August 2024</strong></h2>
<p>Based on WIF’s daily chart, the whale purchased these substantial tokens following the breakout of the descending trendline and during the formation of a bullish double-bottom price action pattern.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-1024x448.png" alt="" class="wp-image-342087" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<p>According to expert technical analysis, WIF looks bullish due to the recent <a href="https://coinpedia.org/price-analysis/breakout-alert-dogwifhat-price-set-to-skyrocket/" rel="noopener noreferrer nofollow">breakout</a> and price action pattern. Following this breakout, there is a high chance WIF could soar by 75% to the $2.84 level. Before that, WIF could initially reach $2 and $2.5 levels based on the historical price momentum.&nbsp;</p>
<h2 class="wp-block-heading" id="h-wif-s-rising-open-interest-and-price-analysis"><strong>WIF’s Rising Open Interest and Price Analysis</strong></h2>
<p>As of now, WIF’s <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener noreferrer nofollow">open interest</a> has jumped by over 2% in the last 24 hours and is gradually rising, according to the on-chain analytic firm CoinGlass. This rise of open interest hints at growing interest from traders and investors.&nbsp;</p>
<p>At press time, WIF is trading near $1.63 and has experienced a price surge of a decent 0.75% in the last 24 hours. Meanwhile, its trading volume has dropped by 30% during the same period, indicating lower participation from traders amid bearish market sentiment.</p>

WIF’s Largest Holder Makes $2.7M Purchase, Bullish Reversal Imminent?

Table of Contents

CoinPedia News

Other articles published on Aug 23, 2024

BREAKING: Cryptocurrency Exchange Kraken Sued by SEC

Sui Network Outpaces Major Blockchains with 2.14 Billion Transactions in 2024

Tether Blockchain Plan Dropped, USDT Security Prioritized

These 10 Altcoins Are The Top 10 Altcoins Developers Are Focusing On This Week – There Are Surprises

XRP and MoonTaurus 2024 Price Prediction: Analysts Suggest They’re Poised for a Major Breakout

AVAX Sees 12% Price Jump As Grayscale Launches Avalanche Trust

Join our free newsletter for daily crypto updates!