Shiba Inu, Dogecoin, Pepe coin, and Dogwifhat are meme cryptocurrencies that have exhibited triple gains in the last two weeks, emerging as a high-performance sector. Despite recent sell-offs in the broader markets, these have managed a recovery, sustaining higher prices. Will the recovery momentum push WIF price to $2.5?
Current State of Meme Tokens
The Solana-based meme token Dogwifhat entered a recovery trend last February, as the broader market witnessed a significant entry into this sector. The token’s price surged 151% from its lowest level of $0.081, reaching the current trading price of $0.158. However, following the listing of this token by Binance, the world’s largest cryptocurrency exchange by volume, the WIF price gained additional momentum earlier this week.
But with Bitcoin facing supply pressure starting from $69,000, the WIF price triggered a new correction from $2.3. The cryptocurrency price, currently trading at $1.88, is retesting the 23.6% Fibonacci retracement level. The pullback with sustainable selling could drop to potential support at $1.5 or $1.28, corresponding to the 38.2% and 50% Fibonacci levels, respectively.
Whale Activity in WIF
Lookonchain reports highlighted two significant whale transactions that caught the attention of the cryptocurrency community. The first involved a wallet address named 87Hnwj, which purchased 1.82 million WIF tokens for 23,400 dollars’ worth of SOL at a price of $1.69 per token, totaling approximately $3.06 million. Shortly after, another whale identified by the address GjRacG bought 1.15 million WIF tokens for 14,732 dollars’ worth of SOL at $1.67 each, equivalent to $1.93 million.
These transactions, totaling 5 million dollars for 2.97 million WIF, could highlight the strong confidence investors have in WIF’s potential by leveraging the Solana blockchain for significant investments. The mentioned activity underscores the strategic positions whales take in the cryptocurrency market and could reflect bullish expectations for WIF’s future performance.
