The price of Solana-based meme coin Dogwifhat (WIF) is currently experiencing a slow recovery in its market value. The cryptocurrency has been subject to significant volatility, making its trading patterns highly volatile. In contrast, many other meme cryptocurrencies have recently witnessed a significant increase in market activity.
Dogwifhat Price Analysis: Whale Investments Energize the Market
In recent lookonchain data, the largest holder of WIF tokens made a significant new investment after accumulating profits of more than $68 million. In the past three days, the investor deposited 21.9 million WIF tokens to the Kamino platform, worth about $35.48 million. Subsequently, they borrowed 2.61 million USDC and purchased about 1.8 million SWIF at $1.5 per share.
This aggressive buying spree included the acquisition of 19.86 million SWIFs in transactions worth $226,000 from December 13, 2023 to December 15, 2023, at just $0.0114 per share. In addition, the whale registered a domain called “Binance-insider.sol” and spent $8.92 million worth of SOL to purchase 17.23 million WIFs in one transaction.
Currently, the investor holds 27.2 million WIF tokens, worth $44.36 million. These strategic moves could push up the price of Dogwifhat, affecting market sentiment and the future valuation of the token.
The meme coin shown in the chart has experienced significant volatility over the past 24 hours. Bullish and bearish forces are vying for dominance. The coin’s price has ranged between a high of $1.65 and a low of $1.59.
Dogwifhat has seen some price volatility over the past week, but has gained 25% as the broader market has recovered. As of this writing, WIF is hovering at $1.63, having fallen slightly during the U.S. trading session.
WIF Price Eyes Key Hurdle of $2
If the market downturn persists, Dogwifhat’s price could drop below the $1.6 support level as the sell-off intensifies. A drop to around $1.5 could reflect growing negative investor sentiment.
The Moving Average Convergence Divergence ( MACD ) shows a subtle but promising trend. Initially, the MACD line (blue) and the signal line (orange) showed a widening gap, indicating downside momentum. However, recent data shows a positive turn as the MACD line has crossed above the signal line.
This crossover is typically a bullish sign, indicating potential upside momentum. The histogram has turned from red to green, supporting this optimism, indicating that buying pressure is building.
Conversely, if the bullish momentum resurfaces, the Dogwifhat price could break through the $2 barrier. A break above this could push its value towards $2.5. This upward trend could set the stage for a possible rise to $3 in the near term.
