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WIF saw an over 2% increase in value.
A whale has accumulated over 200,000 so far.
As a researcher with experience in cryptocurrency market analysis, I’ve been closely monitoring the recent trends of dogwifhat (WIF). Based on the data available, it’s clear that WIF has seen significant price declines in the past week, making it one of the biggest losers in the market. However, there have been some notable accumulations from a large investor or whale, indicating confidence in the token despite the downtrend.
In the previous week, Dogecoin (WIF) suffered substantial losses and saw a steep decrease in price. Nevertheless, an observable increase in accumulation from a specific digital wallet suggests that some investors are showing faith or taking advantage of the price drop by purchasing more Dogecoin.
Whale accumulates dogwifhat
Based on information from Lookonchain, a new wallet withdrew approximately $1.8 million in USDC from Coinbase. Subsequently, this wallet utilized around 606,000 USDC to purchase roughly 227,896 Dogecoin tokens at an average price of about $2.66 per token.
The accumulation is ongoing, with the wallet still holding about 1.2 million USDC.
As an analyst, I’ve observed that WIF had shown a noticeable decrease in value for the previous seven days. However, my decision to make this purchase represents a bullish stance, defying the recent trend of decline.
WIF stays in a bear trend
Examining the daily price fluctuations of Dogwifhat over the past week revealed that there was just one instance of price growth. This upward trend took place on May 15th, resulting in a 9.50% rise and causing the value to surpass $3.
The price had dropped to roughly $2.50 by May 19th, marking a nearly 1% decrease. Currently, WIF is being traded around $2.60, representing a 3% growth.
The RSI analysis revealed a weak pricing pattern in recent days based on my assessment. The RSI value fell beneath the neutral threshold, suggesting a downward price movement.
In the recent past, the WIF reading crossed the threshold of the neutral line only once, which was during the spike of over 9% on May 15th. After that incident, its value has consistently stayed beneath the neutral line.
WIF sees more long liquidations
Examining the dogwifhat liquidation trends on Coinglass, it’s been observed that long positions have faced a higher number of liquidations over the past few days.
Traders with expectations of a price rise for WIF saw their positions eliminated as a result of the latest price drops.
Between the 18th and 19th of May, over $2.3 million in long positions were liquidated.
Realistic or not, here’s WIF’s market cap in BTC’s terms
Currently, there’s a higher rate of short sellers exiting their positions as WIF‘s price has been on an upward trend.
As an analyst, I’d put it this way: When the whale amassed their WIF holdings, the price was hovering around $2.66. Subsequently, if the price of WIF were to dip below this figure, the whale’s investment would incur a loss.
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2024-05-20 18:15