The Dogwifhat mega whale unloaded a large amount of WIF to Coinbase, raising uncertainty in the market regarding the future trajectory of this meme coin.
In the recently highly volatile cryptocurrency market, the Dogwifhat whale decided to sell tokens worth nearly $3 million, raising serious concerns among traders and investors worldwide. On-chain statistics from Wednesday showed that this whale transferred millions of WIF to Coinbase, triggering bearish sentiment among investors in the broader crash. Notably, due to the large sell-off to cryptocurrency exchanges, the WIF price dropped about 3% intraday.
As these shocking market events unfold, cryptocurrency enthusiasts are beginning to speculate about the future trajectory of dog-themed meme coins.
The Dogwifhat whale sold $3 million worth of tokens to Coinbase, sparking speculation.
According to data from Lookonchain, a Dogwifhat mega whale transferred 1.2 million tokens (worth $3.47 million) to the cryptocurrency exchange giant Coinbase. According to Solscan data, the whale's address is recorded as 72X13Krh1nCM.
Interestingly, this whale accumulated the aforementioned amount by investing only $393,000 about 11 months ago. Now, given the bull market following Trump's victory, this whale's holdings have brought in a substantial profit of $3 million.
However, it is important to note that this plunge occurred against the backdrop of recent volatility across the entire industry. CoinGape reported that cryptocurrency liquidations recently soared to $1.76 billion, with altcoins bearing the brunt of the pressure. According to Coinglass data, the total liquidation of Dogwifhat on December 9 and 10 was $22 million.
It is worth noting that the whale's sell-off may be due to investor concerns or profit-taking motives, as the market is currently experiencing turmoil amid significant liquidations. In light of these factors, traders and investors are speculating about the future price trajectory of the top meme coin.
What is the next step for WIF?
As of the time of writing, the WIF price has risen nearly 3.5% intraday, currently trading at $2.87. Its 24-hour low and high prices are $2.66 and $3.01, respectively. Notably, the current trading price of the token is 41% lower than its peak of $4.85. The recent Dogwifhat whale sell-off and other data signal uncertainty about the future trajectory of the cryptocurrency.
However, CoinGape's recent price analysis of Dogwifhat indicates that the token's price is expected to reach $10 by the end of December 2025. Given that meme tokens have broken the resistance level of $4, it could reach the previous historical high of $4.85. Breaking this high could further pave the way for the $10 milestone. Nevertheless, market observers are still closely monitoring the future price trajectory of the token.
