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Dogwifhat (WIF), influenced by the market’s interest in meme tokens, has risen to its all-time high. In the last 24 hours, the price of WIF increased by 54%, making it the fourth-largest meme token at the time of writing. According to the website 21milyon.com, WIF currently has a market value of 3.3 billion dollars and is approaching the market value of PEPE.
Whale Activity Detected in WIF Market
Cryptocurrency analytics firm Lookonchain recently reported that the price movement was due to a significant purchase by a whale. According to Lookonchain, on March 13, a whale spent 1.26 million dollars in a single transaction to buy 540,837 WIF. The same investor had withdrawn 2.02 million dollars worth of SOL from Kraken on March 12, which was later used to buy 921,272 WIF at an average price of 2.19 dollars. At the time of writing, WIF is trading at 3.24 dollars. The meme token recorded a 43% increase in the last 24 hours, becoming the highest-gaining cryptocurrency in that period according to CoinMarketCap’s data.
The double-digit increase in WIF’s price in the last 24 hours was accompanied by a parallel increase in the market. Experts analyzing the token’s price movements on the daily chart noted a wide gap between the upper and lower bands of the Bollinger Bands (BB) indicator. This wide gap between the bands generally indicates increased volatility in the token’s price. Investors often interpret this as the token’s price experiencing significant fluctuations depending on the overall market sentiment.
WIF On-Chain Data
The assessment of WIF’s Average True Range (ATR) confirms the possibility of fluctuations in price in both directions. This indicator measures market volatility by calculating the average range between high and low prices over a certain number of periods. An increase in the metric can indicate a rise in market volatility. At the time of writing, WIF’s ATR had shown an increase of 5% in the last 24 hours, reaching 0.38. Regarding the next direction of WIF’s price, the basic momentum indicator suggests that a downside could be imminent. The Relative Strength Index (RSI) was at 88.80. An RSI at this level indicates that the meme token could be overbought. At such high levels, buyers often experience exhaustion, which could lead to an almost inevitable decline.
