The post Whale Buys Big: Dog-Themed Coin WIF Surges 23.7% Amidst Market Plunge appeared first on Coinpedia Fintech News
The seven-month-old dog-themed meme coin, dogwifhat (WIF), has experienced a significant shift in momentum after enduring a month of continuous declines. Surging by 23.7% in the past 24 hours, WIF is now trading at $1.92, marking its first bullish movement in nearly a month.
This sudden surge was largely due to the substantial purchases made from large-scale investors, who engaged in discussions about potential buying opportunities for the meme coin.
Whale Makes Bold Buying On WIF
According to Lookonchain, a well-known blockchain analytical firm, the Whale, who previously incurred substantial losses on WIF, has reinvested millions in the token despite its recent price rise.
The whale initially faced a massive loss of $4.63 million on WIF. Despite these substantial losses, the whale recently spent 3.77 million USDT to repurchase 2.06 million WIF at an average price of $1.83 per token.
This whale, who lost $4.63M on $WIF, spent 3.77M $USDT to buy 2.06M $WIF back after the $WIF price rose.His average buying price is $1.83, selling at a low price and then buying at a higher price.https://t.co/7xutjIzMGs pic.twitter.com/d5glbGKsyq
— Lookonchain (@lookonchain) June 25, 2024
This reinvestment was made at an average price of $1.83 per WIF, reflecting a strategy that involved selling at a low price and then buying back at a higher price.
MemeCoin Social Activity Spikeed 78%
Recent data from Santiment reveals a surge in the price of dogwifhat as investors discuss potential buying opportunities. Meanwhile, the social activity around the meme coin spiked by 78% in the past 24 hours.
During this time, WIF’s total open interest rose from $191 million to $201 million and the total funding rate has remained stable at around 0.007% since June 20. The $10 million increase in open interest suggests a bullish sentiment among traders.
Additionally, the WIF relative strength index (RSI) increased from 24 to 34, indicating favorable conditions for a potential price surge.
Looking Ahead?
After a volatile period, Dogwifhat’s price has found stability, showing just a 14% decline over the past 30 days, a significant improvement from earlier losses exceeding 30%. As of now, Dogwifhat’s price surged by 23.43% and currently hovering at $1.96 with a market cap of $1.9 billion.