WIF whale’s 643K token purchase challenge ongoing bearish trend.
WIF trades down 35% in 30 days amid market volatility.
The memecoin space is abuzz with the recent activity of a major whale involving the dog-themed token WIF. This whale, the largest holder of WIF, recently borrowed 1.4 million USDC from Kamino, spending 1 million USDC to purchase 643,832 WIF at $1.55 just six hours ago. The whale currently holds 28.66 million WIF, valued at $44.13 million, with a profit on it amounting to approximately $65.6 million.
On August 25, the same whale spent 1.54 million USDC to acquire 800,556 WIF at $1.92. Before that, on August 23, they deposited 21.9 million WIF ($35.48 million) into Kamino and borrowed 3.24 million USDC, using 2.7 million USDC to purchase 1.8 million WIF.
Moreover, the whale’s involvement with it dates back to December 2023, when they spent $226,000 to buy 19.86 million of them at just $0.0114. Additionally, they registered the domain “binance-insider.sol” and spent 86,738 SOL ($8.92 million) to purchase 17.23 million dogwifhat in a single transaction.
How Does This Impact WIF?
Currently, it is experiencing a 3.4% decline, trading at $1.54, with trading volume down 26%. The token has been under prolonged bearish pressure, hitting a seven-day low of $1.48 yesterday. Over the past week, it has declined by 6.5%, and over the past 30 days, it has dropped 35%.
This decline mirrors the broader memecoin market, which has seen a 1.5% dip in market cap. Neighboring tokens BONK and FLOKI have also faced declines of 2.8% and 17%, respectively.
Technical analysis shows it entrenched in a bearish trend, with the 9-day EMA at $1.62 and an RSI of 43. It is nearing oversold territory. Key resistance levels lie at $1.77 and $2.05, while continued bearish sentiment could see the token drop to $1.47, with support at $1.29.
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