As a seasoned crypto investor, I’ve seen my fair share of market pumps and price fluctuations. The recent surge in the memecoin sector, led by tokens like Dogwifhat (WIF), has caught my attention once again. I’m always on the lookout for promising opportunities, and WIF seems to be one of them.
As a researcher studying the crypto market, I’ve observed an intriguing development in recent days. The market has experienced a significant surge, with various sectors seeing impressive gains. This resurgence can be partly attributed to the return of Roaring Kitty, who has ignited renewed interest in the memecoin sector. Tokens such as Pepe (PEPE), Popcat (POPCAT), and Dogwifhat (WIF) have been at the forefront of this trend, registering remarkable increases over the past week.
Based on its latest achievements, certain analysts predict a significant surge for WIF in the near future, whereas some large investors are accumulating the canine-themed token in preparation.
Whales Put Their Hats On
As a researcher studying the market trends of Dogwifhat, I’ve observed an intriguing development following Roaring Kitty’s return to the scene. The price of Dogwifhat spiked dramatically, reaching a high of $3.25, which led some major investors to stockpile or “fill their bags” with the memecoin. However, the volatile price movements over the past week have caused several large-scale investors to sell off their Dogwifhat holdings at a loss.
Following a weekend price decrease for WIF, a major investor (referred to as a “whale”) disposed of 1.7 million tokens at a loss to acquire BONK and TREMP, the cryptocurrencies inspired by Donald Trump and memes respectively. The investor had originally purchased WIF in March for an average price of $2.94 and subsequently sold it on Sunday at an average rate of $2.57 per token.
As an analyst, I’ve observed that despite the recent price decrease in Dogfight, large-scale investors saw it as a promising opportunity. In fact, according to data from Lookonchain, a new wallet was created by a whale specifically to purchase Dogfight tokens. On Monday, this wallet withdrew 1.83 million USDC from Coinbase for the token acquisition.
At the point of the report, an investor had expended 606,000 USDC to acquire 227,896 WIF tokens priced at $2.66 each. The wallet retained a balance of approximately 1.22 million USDC for further purchases. Several hours subsequently, the investor spent an additional 400,000 USDC to procure an extra 145,000 WIF tokens. Currently, the wallet shows a total WIF holdings of 472,614, equivalent to approximately $1.28 million in value.
Another whale, much like the first one, established a fresh digital wallet last weekend to acquire Doge coins, according to recent findings. This particular investor employed Solana (SOL) to amass approximately 1 million Doge tokens, valued at around $2.53 million. Since then, this wallet has continued to expand its holdings and now contains approximately 1.39 million Doge tokens, equivalent to roughly $3.8 million in value.
WIF Ready For A New ATH This Month?
In the last day, the whale actions appeared to significantly boost the token’s price, which climbed above $2.7 and fluctuated between that amount and $2.73. This uptick signified a notable gain of 10.4%.
As a crypto investor, I’ve noticed that despite some recent gains, WIF‘s price performance has been disappointing when looking at longer timeframes. Specifically, over the last week, its price has dropped by 8.3%, and the downturn has worsened with a 14.8% decrease in the past two weeks. Additionally, there’s been a substantial 21.6% decline in daily trading volume in the past 24 hours.
Despite this, market observers believe that the “dog-themed” trend in the current market cycle remains strong. Cryptocurrency trader Scient has identified a bullish pennant formation on Shiba Inu‘s (WIF) price chart.
According to the trader’s analysis, the token continues to contract within its established trend. A noteworthy development suggesting an imminent end to this contraction emerged when the token formed another bullish sign, following a sequence of a higher peak preceded by a lower peak.
Just like Ansem, who is widely recognized in the cryptocurrency community, proposed that WIF might be gearing up for fresh peak prices.
By the end of this month, a record high for dogfight’s price (ATH) in combination with Solana (SOL) will be reached, according to him. This marks the conclusion of a “three-month span of steady upward trending,” aligning with Bitcoin‘s (BTC) bullish momentum.
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2024-05-20 23:10