According to LookOnChain data, a dogwifat (WIF) whale spent 4.65 million USDC to buy 2.3 million WIF coins at a price of 2.08 USD per coin. Whales are also the largest holders of WIF and currently have 23.39 million WIF tokens.
According to LookOnChain, the whale made a profit of $83 million from memecoin. LookOnChain also highlighted that the whale spent 86,738.1 Solana (SOL) to buy 17.22 million WIF in a single transaction.
The whale may have increased his WIF holdings in anticipation of a bull run. Traders may opt for alternative cryptocurrencies, such as memecoin, as mainstream assets such as Bitcoin and Ethereum are struggling to gain momentum.
Can dogwifat reverse the trend?
Whale buying may have boosted WIF’s price, which is up 10.2% on the daily chart. The asset continues to trade in the red zone on other timeframes. WIF is down 3% on the weekly chart, 23.2% on the 14-day chart and 34.4% month over month.
dogwifat is one of the better performing cryptocurrencies over the past few months. The asset hit an all-time high of $4.83 on March 31, 2024 but has since fallen more than 58%.
According to analysts at CoinCodex, WIF could enter a bullish phase in the coming weeks. The platform predicts that the memecoin will hit a new all-time high in July, reaching $6.87 on July 24, 2024, up about 242% from current levels.
Additionally, given the fact that the entire crypto market is at a standstill, there is a possibility that the dogwifhat will undergo a correction in the coming days. As long as Bitcoin (BTC) does not reverse course and stay below $62,000, the entire market could continue to decline.
See more: How high can SHIB increase its price if its market capitalization reaches 100 billion USD?
