According to CoinGecko, Dogwifhat has performed well in this current bull market cycle. The total value of meme tokens reached $120 billion.
WIF has gained 55% in the last seven days, as crypto market capitalization soared past $3 trillion due to Trump’s rallies.
A dip-pocketed investment has sparked a discussion about the future of meme tokens after an important sell-off.
Whale has sold 850K WIF Tokens following a recent rally
Lookonchain announced on 15 November that an investor had swapped 850,000 Dogwifhat tokens for Solana, worth $3.4 Million (15,987 SOL).
The smart whale sold 850,000 $WIF (7 hours earlier) for 15987 $SOL ($3.4M), with only 50,000 $WIF ($175K left) remaining. Total profit from $WIF: $7.5M This whale spent $801K on 1,74M $Pnut ($2,87M) and has an unrealized gain of $2.07M ($3.4M during the peak )!…
The investor has 50K Dogwifhat (worth about $175K), despite the significant sell-off.
The whale made $7.5m in profit, indicating a strategic approach to investment.
The transfer of Dogwifhat revealed its potential for profitability, but it also sparked speculation about the future course of the meme coin.
Does the investor have a reduced exposure to future dips due to his upcoming investments? Although that is possible, the fact he has 50K tokens already in his possession gives him confidence about the future of the token.
Lookonchain also added that the trader netted significant profits in Peanut the Squirrel.
A whale purchased 1.74 million PNUTs (worth around $2.87million) by spending Solana tokens worth $810K (3800 SOL).
Investors’ unrealized gains from PNUT’s recent gains came to $2.07 millions.
Solscan reports that the whale invested in a variety of altcoins including Pepe On Fire(PFIRE), Cat Own Kimono(COK), and GOCHAD.
Investors’ attention shifted to WIF after the whale drop.
After a significant drop in price, the daily chart of the meme token turned red. This confirmed the short-term weakness.
Price performance of Dogwifhat
In the last day, this dog-themed crypto lost almost 10% of its price to trade at $3.70. The 24-hour highs and lows are $4.1113 and $3.3839.
Dogwifhat warns of further price drops as the daily trading volume plunges by 60%.
Investors’ confidence could be affected by the token’s recent decline, which may explain its steep drop.
The asset’s open interest in the future and its volume both fell by 10.35% – $645.75 millions and 3.53 billion dollars, respectively (Coinglass).
This shows a decline in investor confidence regarding the performance of altcoins.
WIF is still stable, and this could be enough to offset the bearishness that has begun.
On the daily chart for example, the price of the stock is well above the 50-day Exponential Moving average and the 200-day Exponential Moving average, signaling an upward trend.
The Chaikin money flow indicator also increased over the last three weeks. This indicates that more and more money is entering the Dogwifhat eco-system.
WIF has the ability to quickly rebound in the future sessions, despite current selling pressure.
The crypto community anticipates a forthcoming altcoin-season, i.e. a time when alts will outperform Bitcoin.
The #AltcoinSeason is about to begin! The dominance of #Bitcoin is going to fall. As in the past, money will continue to flow from #Bitcoins into #altcoins. History 230 days following halving.
What’s the next step for WIF? This post may change as new information becomes available.
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