The price of Dogwifhat (WIF) has experienced a serious decline following a significant sell-off. On Friday, a whale investor offloaded 850,000 WIF tokens, leading to a price drop of over 15% in just one day. This transaction allowed the whale to secure approximately $7.5 million in profits.
Whale’s Sale Impacts the Market
According to the blockchain analytics platform Lookonchain, during the transaction on November 15, the whale sold 850,000 WIF tokens for 15,987 SOL. The wallet conducting the transaction has been identified as 3cBB2Z.. Despite this sale, the whale still retains 50,000 WIF tokens in their wallet.
While this large sale illustrates WIF’s profit potential, it has undermined investor confidence. The market’s reaction to the sale has raised concerns among some investors. Nevertheless, hopes linger that the price of WIF may recover in the future.
Activity in Other Tokens
The same whale has also made significant profits from another Solana 
$214-based meme token, PNUT. The whale purchased 1.74 million PNUT for 3,800 SOL, potentially earning $2.07 million in profit. Additionally, the whale’s portfolio includes tokens like GIGACHAD (GIGA) and Chaos and Disorder (CHAOS).
Market data raises concerns, as WIF’s price has fallen by 16% to $3.54 in the last 24 hours. The token reached daily lows and highs of $3.38 and $4.33, respectively. Moreover, trading volume has decreased by 48%, dropping to $1.99 billion, indicating reduced interest in WIF.
A similar decline is evident in futures trading. According to Coinglass data, open interest in WIF futures has decreased by 19%, down to $609.02 million, while derivative trading volume has fallen by 41% to $4.17 billion.
Market experts believe there may be a recovery in the cryptocurrency market in the fourth quarter of the year. Particularly, the impact of the U.S. election results is expected to revitalize the market. CoinGape Media predicts that WIF could reach a new peak.
Despite significant sell-offs, the market continues to monitor WIF’s potential. It is crucial for investors to remain cautious and closely follow market movements. In the upcoming period, WIF’s performance may prove decisive for the overall market conditions.
