Date: Mon, Sept 02, 2024, 04:35 AM GMT
The cryptocurrency market continues to show its unpredictable nature as September begins, following a turbulent August. Bitcoin (BTC) saw another dip of 1.48% today, dragging the overall market cap down by 1.53% to $2.02 trillion in the past 24 hours.
One of the memecoins affected by this downturn is Dogwifhat $WIF , which has seen its value drop by over 25% in recent days. However, this price drop has not deterred all investors. In fact, it seems to have attracted a significant amount of interest from whales.
A whale has reportedly accumulated 9.57 million WIF tokens, equivalent to approximately $13.59 million, over the past four days. These purchases were made through major exchanges Binance and Bybit, according to data provided by Lookonchain.
A whale has accumulated 9.57M $WIF($13.59M) from #Binance and #Bybit in the past 4 days!https://t.co/4bnfADQpqG pic.twitter.com/To4yLQOS9F
— Lookonchain (@lookonchain) September 2, 2024
This isn't an isolated event either. Just a few days earlier, on August 27, another whale purchased 110,000 WIF tokens. The continued interest from these large investors suggests that there might be a strategic move to accumulate WIF during its dip.
As the market remains volatile, this accumulation could indicate a potential rally in the near future or a calculated long-term bet on WIF’s potential. Whether this whale activity is a sign of confidence in the memecoin or just a reaction to the current market conditions remains to be seen.
