The meme was fueled by a rise in the price of the coin Dogwifhat (WIF), rising more than 100% from $1 to over $2 in just 12 hours. This mutation pushed it to an all-time high.

Today, just three months after the meme coin project was launched, its market value has exceeded US$2 billion.

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Crypto whales accumulate WIF when prices drop

Crypto whales quickly noticed the price drop and seized the opportunity to accumulate WIF at low prices. Notably, on-chain analytics platform Lookonchain highlighted significant buying behavior by these investors.

According to this, the whale with the wallet address 87Hnwj spent US$5 million to purchase 2.97 million WIF, with an average cost of US$1.69. Another wallet, GjRacG, invested US$1.93 million to purchase 1.15 million WIFs, with an average price of approximately US$1.67. These moves mark a strong accumulation of whales in the market.

The release of WIF at the end of 2023 attracted the attention of the currency circle. It draws its value from meme culture, particularly the image of a dog wearing a hat. This unique appeal made WIF the first major meme coin to break the $1 mark. This achievement is unprecedented, especially compared to predecessors such as Dogecoin (DOGE) or Shiba Inu (SHIB) which never exceeded $1.

Binance’s decision to list WIF was crucial to its rise earlier this month. The listing triggered a trading boom, with Binance’s WIF trading volume exceeding $200 million on the first day. Additionally, anticipation of the token’s next exchange listing and its popularity among retail investors also contributed to its rise.

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WIF price fluctuations

Despite a market crash that resulted in the liquidation of a large number of transactions worth over $1.13 billion, WIF stood out and recovered quickly, outperforming other projects in the industry.

Critics often question the usefulness and volatility of meme coins. They also raised concerns about the anonymity of the project's developers, fearing possible market manipulation or fraud. However, backers such as Whalefud Capital objected. They believe meme coins can bring unique value.