Dogwifhat Whales on Accumulation Spree, Will WIF Price Recover?

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As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed numerous trends and patterns that have shaped the digital asset landscape. The current situation surrounding Dogwifhat (WIF) is particularly intriguing, as it presents a unique blend of whale activity and broader market influences.

The Solana-based meme token Dogwhati currently experiences high demand from large investors (whales), with many investors engaging in a significant buying spree. This whale activity has sparked a positive and hopeful outlook among the meme coin’s community.

Today, on September 11th, the well-known blockchain analysis platform LookonChain disclosed that two significant investors (referred to as ‘whales’) have noticeably boosted their WIF holdings over the past fortnight. The whale wallets identified as D2Noa1… and 22Nt… have been acquiring WIF during every price drop, accumulating a total of approximately 20.58 million WIF tokens, which amounts to an impressive $33.5 million.

2 whales have accumulated 20.58M $WIF($33.35M) from #Binance and #Bybit in the past 2 weeks!
— Lookonchain (@lookonchain) September 11, 2024

The buildup of whale investments in this dog-themed meme coin on the Solana platform has sparked optimism, indicating high confidence among major investors about its future potential. Despite September being tough on the entire crypto market, these large-scale investors appear to be implementing a shrewd strategy: buying low during market dips and anticipating a bull run in the coming months.

Even though some experts expect the Federal Reserve to reduce interest rates this month, they also predict that the market might begin to climb as the fourth quarter sets in. Additionally, it’s possible that the trend of whale activity could lead to a favorable change for Dogwifhat in the immediate future.

WIF Price Tanks Despite Whale Activity

Over the past 24 hours, I’ve noticed a significant selling force affecting meme coins, following Donald Trump’s apparent weakening edge against Kamala Harris in Tuesday’s Presidential debate. Consequently, my Dogecoin (WIF) investment has been under immense pressure, with its price dropping a substantial 8.65% to reach $1.54 levels. The market cap for WIF now stands at approximately $1.536 billion. Additionally, the daily trading volumes for WIF have plummeted by nearly 38%, falling below the $250 million mark.

As a researcher examining the price trend of WIF, I’ve noticed an intriguing pattern since its peak at $4.6 in March this year. This pattern consists of progressively lower highs and lower lows, indicating a downtrend. From its all-time high, the WIF has already corrected by approximately 66%. Post the Black Monday low of $1.0 on August 5, there have been signs suggesting a potential rebound. Nevertheless, it’s crucial for the WIF to hold these support levels robustly to avoid any further significant declines.

Additionally, Coinglass data showed a 8.5% drop in the coin’s future Open Interest (OI) to approximately $211.6 million today. Moreover, the derivatives trading volume sank by 24.68%, down to $889 million, which has raised concerns among investors as it contradicts the recent whale data trends.

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2024-09-11 14:47