During the period when Bitcoin fell to $48,800 and then rose back above $60,000, the final stop was $65,000. During this period, meme coins also experienced sharp declines and recoveries. These events turned attention to the actions of whales, and it was observed that whales continued to make strong purchases in one of the market’s high-volume meme coins.
WIF Whale Makes Purchases
On-chain data shows that the largest whale of the Solana (SOL)-based memecoin dogwifhat outside of exchanges, WIF, appeared to be continuing its accumulation.
According to data provided by blockchain tracking firm Lookonchain, the Solana address starting with “mmEAfW” was making significant WIF purchases during this period.
The largest WIF holder spent 1.54 million USDC to repurchase 800,556 WIF at $1.92! This whale currently holds 28 million WIF ($53.23 million), with profits exceeding $77 million!
Last week, Lookonchain shared a chart showing the levels at which the whale made its purchases. Looking back to March, the whale adopted an aggressive buying strategy during the market’s rise, preferred profit-taking in April and May, and now appears to be slowly accumulating again.
Following the pullback in Bitcoin, WIF also experienced a slight drop, as reflected in the charts. As of the time of writing, WIF’s price continues to find buyers at $1.86 after a 1.24% drop in the last 24 hours. It also maintains its position as the 4th largest meme coin with a market cap of $3.731 billion.
Bitcoin Price in TL?
Lookonchain also highlighted the presence of a whale who made large Bitcoin (BTC) investments in Binance, the world’s largest crypto exchange by volume, over the weekend for unknown reasons. This led to speculation that a new wave of selling might begin.
According to the firm, the whale reached millions of dollars in profit after holding BTC for months.
A whale deposited 590 BTC ($38 million) to Binance to sell after the BTC price rose, earning over $15 million! This whale purchased 590 BTC ($22.7 million) from Binance at an average price of $38,472 on October 20, 2023, February 21, and April 16, 2024.
Address:
18Txv4w4J31Un1gHBnxd6mPdNrkMaSvrJJ
As of the time of writing, Bitcoin’s price is finding buyers at $63,459 after a 1% drop in the last 24 hours, and the price’s decline from $65,000 to $64,000 has strengthened the view that profit-taking is occurring in the market. In the BTC/TRY pair, the price is seen at 2,163,554 TL.
