A large holder of Dogwifhat (WIF) tokens, known as a whale, recently acquired 1.4 million tokens, sparking significant activity in the WIF price. This acquisition coincided with a surge of over 12.97% in the WIF price within the last 24 hours.
Currently, the price of Dogwifhat (WIF) stands at $3.25, with a market capitalization of $3.240 billion. Notably, Dogwifhat (WIF) is closing in on becoming the third-largest meme coin, trailing closely behind PEPE Coin.
Whale Transaction Boosts Dogwifhat (WIF) Price
Five hours ago, Lookonchain reported a significant transaction in which a whale purchased 1.4 million WIF tokens using 4.2 million USDC, at a price of $2.99 per token. This whale, known for early trading with WIF tokens, has amassed a total profit exceeding $8 million through such transactions.
The transaction sparked a surge in the price of Dogwifhat (WIF), contradicting broader market expectations of a price drop. Investors are now turning their attention to bullish expectations, encouraged by the recent price surge and the whale’s activity.
Dogwifhat (WIF) Derivatives Market Activity Fuels Bullish Sentiment
Investors in the derivatives market are displaying increasing optimism regarding the future trajectory of Dogwifhat (WIF) on Solana’s network. Coinglass data reveals a notable 8.6% surge in open interest, reaching $333 million. This surge suggests a growing influx of fresh capital into the market, with traders showing a willingness to take long positions on the WIF price. Over the past 48 hours, WIF derivatives traders have bolstered their positions with over $5 million in capital inflows.
However, amidst this optimism, there have been significant liquidations in the Dogwifhat market, totaling $1.1 million over the past 24 hours. Of this amount, $753.5K has been liquidated in short positions, indicating the volatility and speculative nature of the market.
Investors are closely monitoring key resistance and support levels for WIF. The upper band Bollinger indicator highlights the $3.40 territory as a significant hurdle for the WIF price to overcome. A decisive breakthrough above this resistance could potentially propel the price above $4, as anticipated. Conversely, $2.5 stands out as a major support level, and a breach below this level could signal a shift in momentum favoring the bears.
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