Dogwifhat (WIF), the fourth largest meme token by market value, has once again demonstrated a strong upward trend with a gain of over 12.97% in the last 24 hours. Dogwifhat (WIF) is trading at $3.25 with a market cap of $3.24 billion, closely trailing the third largest meme token, PEPE Coin.
Whale Moves in WIF
According to data from Lookonchain, a significant transaction occurred five hours ago. A whale spent 4.2 million USDC to buy 1.4 million WIF tokens at $2.99 each. This whale has a history of early transactions with WIF tokens and has earned over $8 million through these trades. The company stated:
A whale was one of the initial investors in WIF and has earned over $8 million from it.
The recent price increase of Dogwifhat has disrupted broader market expectations of a price drop. Moreover, the whale’s move has shifted investors’ focus towards bullish expectations. Investors in derivative markets continue to add more capital to WIF futures contracts, fueled by optimism that the notable meme token of Solana will continue its upward trajectory.
WIF Report from Analytics Firm
Data from Coinglass shows a 8.6% increase in open positions, rising to $333 million. This increase in open positions indicates new capital entering the market or additional investments being made. This suggests that more investors are willing to take long positions on WIF’s price. In the last 48 hours, WIF derivative investors have bolstered their positions with an influx of over $5 million in capital.
On the other hand, there has been a liquidation of $1.1 million in Dogwifhat in the last 24 hours, with $753,500 in short positions being liquidated. Investors expect the price of Dogwifhat (WIF) to continue rising if bulls attack further. The upper Bollinger band indicator, analyzing potential resistance areas, points to the $3.40 region as an imminent significant barrier. A definitive breakthrough from this resistance cluster could, as expected, push the WIF price above $4.
