The DogWifHat (WIF) meme token has seen renewed whale accumulation as one of the top 10 largest holders of the token started moving coins from Binance to their wallet. WIF has been trading sideways in recent days. It joins the list of tokens waiting their turn to gain the attention of meme coin traders.
DogWifHat (WIF) is flowing into two whale wallets with a combined portfolio of 20.58M tokens valued at more than $33M. After the most recent Binance withdrawals, one of the buyers is now ranked among the 10 wallets with the largest WIF holdings.
As of September 11, wallets ranked at #9 and #10 by WIF holdings were highly active on WIF markets. However, other whales have remained dormant.
The activity was not just related to new accumulation, as the wallet ranked #9 sold 600K WIF in the past 24 hours. Even after the sale, the wallet still controls 1.14% of the WIF supply.
WIF and other meme tokens are taking a downturn, which often signals the return of buyers. Meme tokens tend to have sharp rallies, and sniping tokens near their lows is a common event. Assets like PEPE and WIF have gone through several boom and bust cycles, with the involvement of whales and market makers.
In the past weeks, WIF took a backseat as NEIRO became the star of the meme space. WIF activity returned just a day after NEIRO peaked at $0.20, then slid to $0.17. WIF still held on at $1.56, lining up among top 5 meme assets and one of the leading Solana-based tokens.
WIF is still one of the top meme assets on Solana, though earlier successful projects like SLERF and BOME still command high volumes. As of September 11, WIF has the largest market cap among Solana meme tokens.
In the short term, the recent price moves sparked hopes WIF could reclaim the $2 level soon. The token already completed months of consolidation after its March peak. WIF slid under that level since August 25, dipping to a low of $1.44.
WIF open interest is now around $167M, after peaking at $187M on September 10. Binance carries $98.6M in open interest. Long positions have a 70% prevalence on most exchanges, but they also get liquidated during unexpected downward moves.
WIF benefits from centralized trading
Other meme tokens may be more prominent on social media, but WIF has the early advantage of centralized listings. More than 37% of all activity of WIF is concentrated on Binance, and the exchange carries 21.4% of the token’s supply.
The concentration of trading means WIF is also highly reactive to potential bidding, and has enough depth to absorb whale-sized sales. Compared to Binance volumes, WIF has almost negligible activity on MEXC, KuCoin and Crypto.com.
WIF also achieves volumes of between $250M and $400M daily, the equivalent of hundreds of other meme token pairs. In the past months, WIF was also active on Orca, Meteora and Raydium, though with much smaller effect on the price compared to Binance.
WIF has been called a ‘boomer’ meme token for its seemingly stagnant market. However, some still retain hope that the asset will break out, with both whales and retail traders waiting for the eventual pump.
WIF has come a long way from its previous price range of around $4, which it achieved during the first rally.
The most bullish target for WIF is a surge to $10, but that would require a new hype cycle. For now, the majority of whale addresses are not moving their tokens, while some may rely on Binance deposits to trade and take profits.
The price of WIF also hinges on the narrative of a meme super cycle, where WIF flips other doge-themed tokens like FLOKI. For now, WIF remains prominent based on its market cap of $1.5B.
The token also lined up among top 15 most searched assets, with 28% of queries coming from Binance users. WIF is also supported by more than 175K holders, based on blockchain data. Of those holders, the majority still own negligible amounts of WIF, while around 28K hold more than $100 in tokens. More than 91% of wallets hold under 500 WIF.
At the same time, most of the activity comes from whales and high visibility wallets, while retailers hope for a breakout and outsized gains. Most WIF holders are also relatively early, and can afford to wait for the token to show further growth.
Cryptopolitan reporting by Hristina Vasileva
