A smart crypto investor has spent millions on purchasing Dogwifhat (WIF), according to data shared by Lookonchain today November 26 2024.
This incredible story came to the limelight when Lookonchain identified the investor’s trading activity on the Solana blockchain. The on-chain analytics platform flagged a wallet named “sbfonchain.sol” spending $4.73 million USDC to purchase 1.42 million Dogwifhat tokens at $3.34 two hours ago.
WIF price boots after major listing
The recent whale activity signals big investors’ interest in Dogwifhat. The creators launched Dogwifhat in 2023. So far, the meme coin’s market cap rose from zero last year to a current valuation of $3.35 billion. This has been one of the popular success stories of meme coins this year.
WIF is currently the fourth-largest meme coin by market capitalization. Its trading volume rose significantly, up 130.30% from the last 24 hours, signaling a recent increase in market activity. Its price soared following Robinhood listing the token on its trading platform yesterday morning. The coin is currently among 19 cryptocurrencies available for trading on Robinhood.
Early this month, Coinbase listed WIF and PEPE, a development that set the stage for more gains as meme tokens trading into a frenzy. That explains why whales have been accumulating these crypto assets. This is because of a sudden price spike, supported by the massive increase in trading volume.
Meme coins demonstrate potential for gains
Due to their low prices, meme coins, like Dogwighat, continue to attract a broad variety of investors, including first-time cryptocurrency enthusiasts who are enticed by their popularity.
In other words, it is not just early traders who are generating fortunes investing in meme coins. Some intelligent investors are making huge gains by purchasing and selling these virtual tokens at the right time.
Several digital asset investors embrace this game plan – buying low and selling high at the right times – to capitalize on crypto price movements.
