Cryptocurrency world has never been this exciting. Solana’s (SOL) leading meme coin, dogwifhat (WIF), is experiencing a significant surge recently. Everyone is asking: Why is WIF gaining value so rapidly? Let’s look at the developments.
Excitement Wave in the Cryptocurrency World
In the cryptocurrency market, everyone knows the leader of meme coins, Dogecoin (DOGE). It has a massive market value of 40 billion dollars and attracts attention with a daily trading volume of approximately 3.14 billion dollars. But the new stars introduced by Solana, especially dogwifhat (WIF) and Bonk (BONK), are creating another wave of excitement in the crypto world.
According to recent data, the total market value of Solana-based meme coins has reached 6.4 billion dollars, with a daily trading volume hovering around 1.3 billion dollars. So what makes WIF so attractive?
Brazil Became a Catalyst
Two approved Solana ETFs in Brazil have further increased interest in SOL-based projects. Especially large whales did not miss this opportunity and started to increase their holdings of WIF. According to data provided by Lookonchain, the largest WIF holder possesses 27.2 million coins, which translates to a value of over 44 million dollars.
The related whale has borrowed 3.24 million USDC using WIF as collateral in the last three days and used this money to buy more WIF. So, it looks like this is going to lead to even more exciting developments.
The Last 5 Months’ Value Loss Should Not Be Forgotten
However, everything comes at a price. WIF has been losing value for the last five months, led by Bitcoin. But hope is not lost. Technical analyses indicate that WIF seems to have entered a turbulence during this five-month decline, but experts like Greeny believe this decline will soon give way to a significant rise.
Currently, WIF needs to turn the 50-day moving average into a support level to avoid further declines in the coming days. The cryptocurrency market is always full of surprises. We will see together what will happen in WIF’s journey. But it is worth remembering: Big whales are involved, and they are after more WIF.
