WIF's top "whales" are in action! Can the bull market take back the lead?
Led by the popular Solana-based project WIF, the meme coin industry rebounded more than 7% in the past 24 hours, reaching a market value of about $51.6 billion. The recovery of Bitcoin prices to about $62,000 calmed the pessimism in the cryptocurrency market caused by the increase in selling pressure.
However, the cryptocurrency market has not yet shown signs of a full recovery as long-term holders continue to sell their cryptocurrencies. In particular, it is worth noting that the German government and Bitcoin miners have been selling their holdings of cryptocurrencies, which has had a serious impact on the bullish sentiment in the market.
Top WIF "whales" are buying crazily
While large holders of Ethereum's SHIB and PEPE are busy selling their assets on exchanges such as Binance, on-chain data reveals a different trend for WIF.
According to Solscan's on-chain data, the largest holder of Dogwifhat bought 2.3 million WIFs worth up to $4.65 million early Wednesday. Therefore, the current largest WIF holder owns about 23.39 million units, with a total value of about $49.6 million.
Although the largest holders of WIF have remained bullish, once these "whales" start selling, it may pose a downward threat to the market. In addition, the total liquidity of WIF on different web3 protocols is about $4.5 million.
Market Outlook and Medium-term Price Trend
Since its launch, WIF has performed impressively, but the market has been caught in consolidation and volatility in the past few months.
This mid-cap altcoin has a fully diluted valuation of about $2 billion and an average daily trading volume of about $835 million. Its price has fallen by more than 32% in the past four weeks, trading at about $2.02 on Wednesday.
From a technical analysis perspective, the price of WIF against the US dollar has not yet completed the shock consolidation and is likely to continue to rise in the coming months.
However, the daily relative strength index (RSI) has fallen into the oversold zone, indicating that a reversal in the market is inevitable in the future.
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