As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs, bubbles, and crashes. The current crypto market landscape is no exception. With the ongoing recovery led by Bitcoin (BTC), the surge of Solana-based meme coin dogwifhat (WIF) has piqued my interest.
In the midst of Bitcoin‘s current bullish rally, the popular meme coin Dogewhats (WIF), built on the Solana platform, appears to be preparing for a possible price increase. This mid-tier meme token, valued at approximately $1.63 billion in total and trading around $440 million per day, experienced a growth of over 10% within the last week. On Friday, August 23, during the London trading session, it was trading around $1.63.
Although the Dogecoin value versus the U.S. dollar appears to have left its troubled times behind, it’s important to note that August and September are historically challenging months for the crypto market as a whole. Following an astounding 105,017% surge from late last year until April 2024, Dogecoin has been stuck in a downtrend since March.
Over the course of each day, the meme coin is showing signs of a downward trend by creating lower peaks and troughs. This pattern is typically associated with a falling market. Furthermore, its price has stayed below the 50-day Moving Average since the August 5 market crash, indicating that the bears currently have control.
Possible Relief for dogwifhat Investors
The altcoin market appears poised for a significant surge, potentially marking a notable historical event, following a period of decline relative to Bitcoin over the past year. Despite Bitcoin’s dominance expanding recently, technical indicators suggest a possible shift or reversal in the medium term.
Significantly, Bitcoin’s influence over a weekly period appears to be shaping like an ascending wedge, which historically precedes a significant shift. Additionally, its Weekly Relative Strength Index (RSI) is showing signs of a bearish divergence, indicating a potential rotation towards altcoins in the coming days as investors may choose to switch their crypto holdings.
As a crypto investor, I can’t help but feel a sense of anticipation when I observe Bitcoin’s dominance forming an ending diagonal. This technical pattern seems to be shouting loud and clear that an altcoin season, or #Altseason as we enthusiasts call it, is on the horizon. I find myself eagerly waiting for the shift in focus towards alternative cryptocurrencies as the market dynamics change.
It’s going to be massive in Q4!
— Mikybull 🐂Crypto (@MikybullCrypto) August 23, 2024
It’s important to point out that the Solana ecosystem seems poised for growth, given the recent approvals of two SOL-based Spot ETFs in Brazil, which could potentially draw in more users.
WIF Whales on the Hunt
As an analyst, I’ve noticed that the current meme coin campaigns across various blockchains, notably Tron (TRX) and BNB Chain, have sparked increased interest among speculative traders in meme coins. Furthermore, it appears that the meme coin sector could potentially draw more users into the web3 realm at a quicker pace than other cryptocurrency projects.
The largest holder of $WIF, with over $68M in profit, is buying more and going long on $WIF!
In the past 3 days, he deposited 21.9M $WIF($35.48M) into #Kamino and borrowed 3.24M $USDC, then spent 2.7M $USDC to buy ~1.8M $WIF!
This whale spent $226K to buy 19.86M $WIF at only…
— Lookonchain (@lookonchain) August 23, 2024
Based on information from Lookonchain’s analysis of blockchain data, it appears that the largest dog-related whale, who owns approximately 27.2 million units, has been increasing its acquisitions at a faster rate in recent times. Notably, this whale investor now enjoys a profit exceeding $68 million from their initial investments.
Over the past three days, the Whale Investor has transferred over 21.9 million WIF tokens, valued at roughly $35 million, into Solana’s lending platform Kamino. These deposited tokens were largely utilized by other investors for buying additional WIF tokens, while the investor himself borrowed approximately 3.24 million units from the platform.
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2024-08-23 15:26