In the context of the cryptocurrency market being extremely chaotic recently, the decision to liquidate nearly $3 million tokens by a Dogwifhat whale has raised serious concerns among traders and investors globally.
On-chain statistics on Wednesday showed that this whale transferred millions of WIF to Coinbase, raising pessimistic sentiment among investors amid a declining market.
Notably, the price of WIF has dropped about 3% in the day due to a massive sell-off to the cryptocurrency exchange.
Cryptocurrency market enthusiasts speculate about the future trajectory of the dog-themed meme coin as such alarming events unfold in the market.
Dogwifhat whale sells off $3 million tokens to Coinbase, sparking much speculation
According to data from Lookonchain, a Dogwifhat whale transferred 1.2 million tokens, worth $3.47 million, to the giant cryptocurrency exchange Coinbase. The address of this whale, according to Solscan data, is recorded as 72X13Krh1nCM..
Interestingly, this whale accumulated the above amount about eleven months ago with an investment of $393,000.
Considering the market witnessing a price surge after Trump's victory, this whale's holdings have resulted in a significant profit of $3 million.
However, it is noteworthy that the sell-off occurs against a backdrop of recent volatility reflected across the industry.
The liquidation of cryptocurrencies has surged to $1.76 billion recently, mainly due to Altcoins facing pressure. According to Coinglass data, the total liquidation amount of Dogwifhat on December 9 and 10 was $22 million.
Notably, this whale's sell-off may be due to investor anxiety or profit-taking motives as the market is currently witnessing chaotic action amidst a large amount of liquidation.
Considering the above factors, traders and investors speculate about the future price volatility of the top meme coin.
What awaits WIF?
At the time of reporting, the price of WIF has dropped nearly 3.5% in the day and is currently trading at $2.87. Its 24-hour low and high are $2.66 and $3.01, respectively.
Notably, the token is currently trading 41% lower than its ATH of $4.85, with the recent Dogwifhat whale sell-off and other statistics forecasting uncertainty about the future moves of the cryptocurrency.
However, a recent price analysis of Dogwifhat indicates that the coin is expected to reach a price of $10 by the end of December 2025.
With the meme token surpassing the resistance level at $4, it could achieve the previous ATH of $4.85. Breaking this ATH could pave the way for a rise to $10.
However, market watchers continue to closely monitor this token for upcoming price action changes.
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