As a seasoned crypto investor who has witnessed the rise and fall of numerous digital assets, I find myself intrigued by the current surge in meme coins, particularly DogWifHat (WIF). Having been through the 2024 bull run and the subsequent bear market, I’ve learned to read between the lines of market movements.
Meme-based cryptocurrencies are experiencing a surge, according to CoinMarketCap data from September 27th. Notably, Dogecoin, the largest meme coin by market value, has seen a 16% increase over the past week. Additionally, Shiba Inu and Pepe have also gained momentum, with Shiba Inu increasing by 37% and Pepe rising by 27% within the same timeframe.
The growth in prices of meme coins has been advantageous for DogWifHat (WIF). Solana’s largest meme coin by market capitalization saw a 14% increase over the last day, which boosted its weekly gains to more than 31%. At present, WIF ranks fourth among all coins in terms of value, with Dogecoin, Shiba Inu, and Pepe being ahead.
DogWifHat Whale Accumulating, Meme Coin Soaring
Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.
Purchasing the meme coin now, after it has started to rebound from its lows in August and September, shows faith in its probable growth potential over the next few months.
On September 26th, I (as an analyst) observed a significant transaction: a whale borrowed approximately 2 million USDC and used it to purchase around 894,854 WIF at roughly $2.24 each. With this latest acquisition, the address now holds over 32 million WIF in total. According to our calculations, this substantial holding is estimated to have accrued profits exceeding $86 million for the whale.
Previously, it wasn’t a novel occurrence that the whale took out USDC loans and acquired WIF tokens. In fact, just this week, the identical address had already borrowed 4.5 million USDC from Kamino and purchased 2.55 million WIF at a price of $1.76.
Examining the current pattern, it’s clear that the whale anticipates further price increases, as the daily chart indicates a growing momentum for the meme coin.
Following a dip to its lowest point in March 2024, this meme coin has since bounced back, nearly doubling in value to the current rates. If the price of WIF surpasses $2.8 and reaches beyond its July highs, there may be additional opportunities for growth.
In essence, our goal over the mid-term is to reach $4.8, a price point last seen in March. To achieve this, we need WIF prices to more than double compared to their current levels.
Will WIF Follow Popcat And Register Fresh Highs?
In simpler terms, there’s a strong possibility that WIF could reach new record highs within the next few weeks or months. Similarly, Popcat, another meme coin on Solana, has surged to new all-time highs, currently standing at over $1. This token has experienced a significant increase of approximately 120% in Q3 2024, catching the attention of large investors, often referred to as ‘whales’.
Following a setback that resulted in a loss of approximately $611,000, data from Lookonchain indicates that the whale re-entered the Popcat market, investing around $1.29 million to purchase 1.3 million POPCAT at roughly $1. Maintaining an upward trend will heavily depend on a daily close above the $1 mark, which is essential for maintaining the positive momentum.
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2024-09-27 18:40