Dogwifhat (WIF) Price Shoots 13% Amid Whale Accumulation, More Steam Left?

(note: the post contains data by CoinGape)


Dogwifhat (WIF), the fourth largest meme coin by market cap, is on a strong upward trajectory once again gaining over 12.97% in the last 24 hours. As of press time, the Dogwifhat (WIF) price is trading at $3.25 with a market cap of $3.240 billion, and is just short of overtaking PEPE Coin as the third-largest meme coin in the market.

According to insights from Lookonchain, a significant transaction occurred five hours ago, with a whale spending 4.2 million USDC to purchase 1.4 million WIF tokens at a price of $2.99. This particular whale has a history of early trading with WIF tokens and has accrued a total profit of over $8 million through these transactions.

Moreover, investors in the derivatives markets continue to inject more capital into WIF futures contracts for Dogwifhat, fueled by optimism that Solana’s coveted meme coin will resume its upward trajectory in the near future.

Investors are expecting the Dogwifhat (WIF) price rally to continue if the bulls strike further. Examining potential resistance areas, the upper band Bollinger indicator pinpoints the $3.40 territory as the upcoming significant hurdle. A definitive breakthrough from this resistance cluster could propel the WIF price above $4, as anticipated.

On the downside, $2.5 remains a major support as of now. Breaking this below can lead to bears taking the upper hand.

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