In the cryptocurrency market, we see a positive atmosphere due to the potential approval of a spot Ethereum ETF. While this positive atmosphere continues, there are also increases and occasional decreases in the meme coin sector. Meme coin Dogwifhat (WIF) price has dropped by approximately 20% from its peak of $3.6799 in May. The Solana-based asset shows promise as it has recovered slightly from the drop. So, will there be an upward movement for WIF?
Solana-Based Meme Coins See Increases
The market value of Solana-based meme coins increased by over 5% in the last 24 hours. The market value reached $8.75 billion on Thursday. Whale movements on WIF played a significant role in this increase.
Lookonchain detected whale accumulation in WIF on May 22, just before the meme coin’s price increase. On Wednesday, WIF rose to $3.28 on Binance. While Ethereum-based tokens rose with optimism regarding ETF approval, Solana-based meme coins were also affected by this positive atmosphere.
Whale Sales Lower WIF Coin Price
According to Lookonchain, investors and whale wallets that accumulated WIF on May 22 started taking profits on Thursday. Whale wallets identified as “37reKQ” and “8rWUUy” bought approximately $2 million worth of WIF on May 22.
Late Wednesday, a whale sold 2.36 million WIF tokens for approximately 7.44 million USD Coin (USDC) at an average price of $3.155. This large sale by the whale reduced the value of the meme coin by 6%. Another major wallet investor sold 500,774 WIF for 1.47 million USDC at an average price of $2.94. This investor sold WIF a total of four times, making a profit each time.
New Target for WIF
WIF aims to return to its peak of $3.28 on May 22. WIF, which saw its local peak of $3.6799 on May 6, has not reached this level. However, a significant trend break occurred when it rose to $3.28 on May 22.
MACD metric supported the bullish thesis for WIF by crossing the signal line on Wednesday, May 22. The Solana-based meme token is likely to rise to its peak on May 22 and gain approximately 9%.
However, the market is always volatile and full of uncertainties. In the event of a correction, it is likely that WIF will pull liquidity to the lowest level of $2.42 on May 19.
