There are two typical reactions traders have when the crypto market experiences a downturn, like the one we’ve seen in the last week or so. The first group panics and starts selling, while the second group begins accumulating their favorite altcoins.
And this time, whales didn’t accumulate PEPE, but WIF. I am specifically mentioning PEPE since during the recent summer dips, the frog meme coin was the one traders were buying on the dip.
The WIF price took a hit last week, losing more than 20% of its value. This means Dogwifhat’s token is now trading around $1.47 with a market cap of around $1.47 billion. This is 70% lower than the all-time high set in March this year.
However, LookOnChain reported that a whale accumulated $13.59 million worth of WIF tokens from exchanges in the last 4 days.
A whale has accumulated 9.57M $WIF($13.59M) from #Binance and #Bybit in the past 4 days!https://t.co/4bnfADQpqG pic.twitter.com/To4yLQOS9F
— Lookonchain (@lookonchain) September 2, 2024
The most recent transfer of 775,660.00337 $WIF occurred about four hours ago from Bybit (4 hours from LookOnChain’s tweet actually), adding to earlier transfers of 346,168.380753 $WIF and 8,450,564.117583 $WIF from Bybit and Binance, respectively. The total number of $WIF tokens accumulated by the whale is 9.57 million.
The whale’s accumulation of $WIF might influence market sentiment and help the token’s price explode when the bull run returns in October or November. Until then, it’s tricky to expect any heavy price pumps for any meme coin.
Read also: Why PEPE and WIF Investors Should Turn to This Hot New Meme Coin
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Massive Accumulation of This Meme Coin During the Dip – Hint: Not PEPE appeared first on CaptainAltcoin.
