_Solana Memecoin Surge: WIF Price Skyrockets Amid Whale Accumulation_
The Solana network's meme coin ecosystem, led by dogwifhat (WIF) and Bonk (BONK), is experiencing a significant surge. WIF's price is skyrocketing due to increased accumulation by whales.
_Key Points:_
- Solana-based meme coins have a total market cap of $6.4 billion and a daily average traded volume of $1.3 billion.
- The largest WIF holder, with a profit of over $68 million, is buying more and going long on WIF.
- In the last three days, this whale has deposited 21.9 million WIF ($35.48 million) and borrowed 3.24 million USDC to buy more WIF.
- WIF price is forming a falling wedge, indicating a potential bullish reversal.
_Analysis:_
- The approval of two spot Solana ETFs in Brazil sets the stage for further mainstream adoption of SOL-based projects.
- An altseason is anticipated as Bitcoin dominance forms a macro bearish reversal pattern.
- WIF price must regain the 50-day Moving Average (MA) as support to invalidate further bleeding.
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