WIF’s recent rise has caught the attention of many investors. Mainly, as the amount of whales hoarding the token has soared in recent days, the market sentiment has become optimistic about the future price trend of the token. At the same time, the broader time frame chart shows that the WIF price is in a period of consolidation, which has intensified the speculation of market participants.
WIF whales’ increased holdings sparked market optimism
According to on-chain transaction data released by the tracker on September 11, two whales have held a large amount of WIF in the past two weeks. Notably, the whale addresses D2Noa1.. and 22Nt.. were recorded as holding a total of 20.58 million WIF from exchanges Binance and Bybit, worth $33.35 million.
These accumulations have brought great optimism to the SOL-based meme cryptocurrency, highlighting the confidence of large market investors in the future performance of the asset. At the same time, since September is the worst month for the broader market, this accumulation may also be a potential dip-buying strategy for whales.
Although the FOMC hinted that the Fed will cut interest rates this month, major analysts believe that the market may gradually enter an upward trend as the fourth quarter begins. All in all, recent market data suggests that coupled with the accumulation of whales, Dogwifhat may also see an upward trend in the future.
It is worth noting that a recent analysis of WIF’s price further suggests that WIF could rise by 20% in the future. This analysis was also conducted against the backdrop of an increase in the number of WIF whales.
What’s next for WIF?
Today, WIF’s price is down 7% from yesterday and is currently trading at $1.56. The coin’s intraday low and high were $1.56 and $1.71, respectively. This weakening price action is mostly in line with the broader market trend today. Meanwhile, the monthly chart shows a period of sideways trading for the coin.
In addition, on-chain transaction data shows that WIF's future OI fell 8.5% to $211.6 million today. In addition, derivatives trading volume also plummeted 24.68% to $889 million, in sharp contrast to recent whale data, sparking investor concerns.
Nonetheless, the WIF price long-term chart reflects bullish sentiment, which, coupled with recent whale data, adds to the optimism about future trends. Crypto market enthusiasts continue to pay extensive attention to the future price action changes of the token, and the long-term outlook is expected to be on the rise.
Dogecoin whale holdings decrease
Dogecoin experienced a brief surge the other day after billionaire entrepreneur Elon Musk appeared to indirectly hint at the coin in a cryptic post on social media platform X (formerly Twitter) last week.
Despite the brief rally, the underlying sentiment towards Dogecoin has remained largely unchanged. The reaction to Musk’s post has not been enough to inspire lasting optimism, especially among major investors. In fact, as Dogecoin inflows into cryptocurrency exchanges have increased, major holders have been selling their positions at a noticeable rate.
IntoTheBlock’s “Large Holder Net Flow” metric shows an interesting trend among addresses holding at least 0.1% of DOGE’s total circulating supply. Net flow is essentially the difference between the number of tokens entering a whale’s wallet and the number of tokens leaving it. A positive net flow indicates that a whale has been accumulating for a period of time, while a negative net flow indicates a large outflow from its wallet.
According to the metric, the total net flows of large DOGE holders have decreased by 57.29% over the past seven days. In addition, the metric also shows that the net flows have decreased by 169.46% and 166.98% over the longer timeframes of 30 and 90 days, respectively. These sharp declines suggest that many large holders have significantly cut their DOGE positions, which may be due to the cryptocurrency's poor price performance over the past three months.
This trend is further supported by the “Crypto Exchange Net Flow” metric, which tracks the movement of DOGE tokens in and out of exchange wallets. Typically, negative exchange net flow indicates a period of accumulation as more tokens leave exchanges and enter private wallets. Conversely, positive exchange net flow usually indicates increased selling pressure as more tokens flow into exchanges for potential liquidations.
With this explanation, we can better understand the current sentiment around Dogecoin. In the past 24 hours alone, the balance of Dogecoin on various cryptocurrency exchanges has increased by 86.33 million Dogecoin. Similarly, exchange balances have increased by 93.2 million Dogecoin in the past 30 days and 96.9 million Dogecoin in the past 90 days.
Are Dogecoin big holders panicking?
Before jumping to conclusions, it is important to note that whale activity, while very important, does not always predict long-term trends. DOGE remains the largest meme coin by market cap, and its fundamentals suggest positive momentum in the long term. In terms of price action, DOGE has mostly been trending down, which is in line with the rest of the crypto industry.
Despite this, it is still performing better than many other large-cap cryptocurrencies. DOGE continues to trade above $0.1, which has become a strong price support level.
At the time of writing, DOGE is trading at $0.1037, having gained 6.55% in the past 24 hours.
