Dogwifhat (WIF) Price Surges 13% Amid Whale Accumulation, Is There More Steam?
A Dogwifhat Whale Scooped Up 1.4 Million Tokens, Leading to Strong WIF Price Activity. Derivatives Data Shows Strength as Shorts Are Liquidated.
Dogwifhat (WIF), the fourth largest meme token by market cap, is on a strong upward trajectory, having gained more than 12.97% again in the past 24 hours. At press time, Dogwifhat (WIF) is priced at $3.19 with a market cap of $3.24 billion, just one step away from surpassing PEPE Coin to become the third largest meme coin in the market.
Dogwifhat (WIF) Whale Accumulation:
According to Lookonchain insights, a major transaction took place 5 hours ago, with a whale spending 4.2 million USDC to purchase 1.4 million WIF tokens at $2.99. The whale has a history of trading with WIF tokens early on and has accumulated a total profit of over $8 million through these trades.
The recent surge in the price of Dogwifhat has undermined the broader market’s expectations of a price drop. Moreover, the whale’s behavior has also shifted investors’ focus towards bullish expectations.
Derivatives Market Overview
Investors in the derivatives market continue to pour more money into Dogwifhat’s WIF futures contracts as there is optimism that Solana’s coveted meme token will resume its upward trajectory in the near future.
Data from Coinglass shows that open interest surged 8.6% to $333 million. Rising open interest indicates that new capital is entering the market or additional investments are being made. This means that more traders are willing to take long positions on the WIF price. In the past 48 hours, WIF derivatives traders have consolidated their positions with over $5 million in capital inflows.
On the other hand, Dogwifhat saw liquidations of $1.1 million in the past 24 hours. Of this, $753,500 has been liquidated as short positions.
Investors expect that Dogwifhat (WIF) prices will continue to rise if the bulls attack further. 💰qun scab🍺娓：zy50871 When examining potential resistance areas, the upper Bollinger Bands indicator identifies the $3.40 area as an upcoming important obstacle. As expected, a clear breakthrough of this resistance level could push WIF prices above $4.
On the downside, $2.5 remains the main support level for now. A break below this point could lead to bears taking the upper hand.
