Whales are out! Mass transfer of WIF tokens!

Revealing the real reason behind WIF's 26% plunge in a week! How will investors deal with it?

As investor interest declines, the price of Dogwifhat (WIF), a meme currency on Solana, fell below $2 this week. Market volatility has had a significant impact on Dogwifhat, and now its price has dropped to $1.6. In just seven days, the value of this cryptocurrency has plummeted by 26.52%.

Recently, many WIF investors have been selling, which has put a lot of pressure on the market. According to Solscan data, some cryptocurrency speculators sold more than $16 million worth of WIF tokens last week, ranging from a few to hundreds of thousands.

This selling pressure has caused the market value of WIF to continue to decline. As a meme currency, Dogwifhat's price is volatile and speculative, and it may be affected by any market disturbance. Now, more and more "whales" are also selling WIF tokens. On June 22, it was reported that a "whale" transferred $23.4 million worth of WIF tokens to Binance. Generally speaking, transferring Bitcoin from a wallet to a cryptocurrency exchange is likely to be done for the purpose of selling. If the selling pressure on Dogwifhat continues unabated, the price of this cryptocurrency may hit a new low.

Since last month, the price of Dogwifhat has fallen by about 40%, and its performance since June has not been as good as most meme currencies. Now, Dogwifhat is the fourth largest meme currency with a market value of $1.8 billion. Among the top five meme currencies by market value, four are rising in price, and only Dogwifhat is falling.

If the selling situation does not improve, the price of WIF may fall below $1. Some experts are not optimistic about the prospects of meme currencies, believing that the influence of meme currencies in the market is weakening, and investors may gradually shift from speculation to focusing on market fundamentals.

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