After a continuous drop across the cryptocurrency industry, the market is now looking to recover as many assets experienced notable price surges. Amid this market recovery, recently an on-chain analytic firm Lookonchain made a post on X, that one of the largest holders of dogwifhat (WIF) had added a massive 2.3 million WIF tokens worth $4.65 million to its holding.
The largest holder of $WIF spent 4.65M $USDC to buy 2.3M $WIF at $2.03 8 hours ago!He currently holds 23.39M $WIF($49.6M), with a profit of ~$83M on $WIF!He is also the one who spent 86,738.1 $SOL($8.65M) to buy 17.22M $WIF in one trade.Address:https://t.co/5fd4VETnts… pic.twitter.com/EHbdZVBHl9
— Lookonchain (@lookonchain) June 26, 2024
Whale purchases $4.65 million of WIF tokens
The analytic firm also highlighted that the average purchase of this massive WIF was nearly $2.03. However, this whale wallet now holds a significant 23.39 million WIF tokens worth $49.6 million. Besides, massive WIF holdings this whale wallet holds a massive profit of over $83 million on WIF. Lookonchain in the post on X added that, “He is also the one who spent 86,738.1 SOL($8.65M) to buy 17.22 million WIF in one trade.”
However, the recent WIF purchase highlights whales’ interest and confidence in WIF during a bearish market, additionally indicating a potential bullish buying opportunity. The token has been continuously printing green and surged more than 30% in the last 2 days, whereas other top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) are still struggling to gain momentum.
As of now, WIF is moving near $2.02, and in the last 24 hours, it experienced a price surge of 8%. If we look at the performance of WIF over a longer period, in the last 7 despite a massive upside move in the last 2 days it is still down by 4.3%. Whereas, in the last 30 days, WIF price is down by 35%. Despite the impressive performance of the WIF token, the trading volume in the last 24 hours signaled lower participation of traders and investors. According to the data from coinmarketcap, the trading volume in the last 24 hours has dropped by 21%.
dogwifhat (WIF) technical analysis and key levels
According to expert technical analysis, WIF is looking bullish but as of now, it is experiencing a strong resistance near the $2.1 level. If WIF on the daily time frame gives a candle closing above $2.20 then massive upside momentum we may see in the coming days. Besides this bullish optimism, WIF in the 4-hour time frame is below 200 EMA (exponential moving average) and above 50 EMA.
Additionally, traders’ and investors’ interests are continuously surging as WIF 24-hour open interest (OI) has surged by 7.5%, which might be a potential bullish signal for this meme coin.