As the cryptocurrency market continues to decline, traders, investors, and retailers are experiencing growing fear, as noted by the on-chain analytics firm Lookonchain. On June 22, 2024, Lookonchain posted on X that a whale had deposited a massive 12.66 million Dogwifhat (WIF) tokens, worth $23.4 million, into Binance, the world’s largest cryptocurrency exchange.
A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO
— Lookonchain (@lookonchain) June 22, 2024
Whale deposits $23.4 million worth of WIF on Binance
The analytic firm also reported that it took the whale two days to dump this notable $23.4 million worth of WIF. During this massive deposit and subsequent dump, WIF tokens were heavily impacted, which was reflected in their price. According to data from TradingView, WIF tokens saw nearly a 19% price drop in just two days, likely due to this dump.
WIF, a popular Solana-based meme token, is currently trading near $1.80 and has experienced a 4.5% price drop in the last 24 hours. Over a longer period, WIF has seen a 26% price drop in the past 7 days and a 40% price drop in the past 30 days. Whereas, the 24-hour trading volume jumped by 11% which highlights investors’ and traders’ participation amid the price drops.
Despite this significant price drop, the WIF open interest (OI) has gained considerable attention from investors, rising by 7% in just 24 hours according to data from Coinglass. This surge in OI suggests some whales or institutions are showing interest in WIF tokens as their price has fallen more than 40% in a month.
WIF technical analysis and key levels
According to expert technical analysis, WIF is currently looking bearish and is at a strong support level of $1.70. On the daily timeframe, it is below the 50 EMA (Exponential Moving Average). If the WIF token price falls below this crucial $1.70 level, there is a high possibility of a significant price drop to $1.
The major reason for this bearish sentiment is the continuous price drop in top crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). These top assets have experienced a continuous price decline over the last month, turning the whole market bearish. As of now, the overall cryptocurrency market is down by 0.66%, whereas, BTC, ETH, and SOL experienced 0.2%, 0.5%, and 2.5% of price surges in the last 24 hours.
