Dogwifhat over Dogecoin? 30% gain makes WIF top memecoin of the week

WIF

As a seasoned crypto investor with a knack for spotting hidden gems, I find myself intrigued by the recent developments surrounding Dogwifhat (WIF). The strategic accumulation by the largest holder and the impressive 30% surge in just seven days have caught my attention.

As an analyst, I’ve noticed a noteworthy development this week: The largest Dogwifhat (WIF) holder has amplified their token amassing substantially. This strategic decision positions them to reap a sizable profit, underscoring their belief in the asset’s promising future prospects.

Despite a rise in its accumulation, the worth of WIF has not only kept up its momentum but has additionally skyrocketed, earning it the title of the top performer among the leading five meme tokens.

Dogwifhat sees intense accumulation

As an analyst examining data from Lookonchain, I’ve observed that the individual holding the most Dogwifhat (WIF) tokens has been steadily increasing their holdings by acquiring additional WIF tokens.

Currently, the data shows that this particular address has spent about 1.54 million USDC to buy around 800,556 WIF at a price of $1.92 per token. With this latest purchase, the total WIF held by this address now stands at approximately 28 million tokens, equating to an estimated worth of around $53.23 million.

I’m delighted to report that the profits from this investment have skyrocketed to more than $77 million, underscoring the significant returns generated through this strategic acquisition.

The ongoing accumulation by such a significant holder may continue to influence market sentiment and drive further interest in WIF.

Dogwifhat sees consecutive uptrends

Analyzing Dogwifhat (WIF) over daily periods shows consistent growth, with six straight upward trends. The largest jump was observed on the 23rd of August, resulting in a 13.77% surge that raised its value close to $1.84.

By the week’s close, the value of WIF had climbed further, reaching approximately $1.9 due to a further 6% rise.

Dogwifhat over Dogecoin? 30% gain makes WIF top memecoin of the week

Thanks to its positive trajectory, WIF managed to surpass the barrier set by its short-term moving average (represented by the yellow line). Currently, WIF is being traded at approximately $1.88, following a drop of more than 4%.

Regardless of this recent drop, the price of WIF still hovers over its quick-term moving average, suggesting that the current support level seems stable at the moment.

The study further indicates that WIF‘s Relative Strength Index (RSI) has moved beyond the non-directional level, thanks to a recent surge, indicating a shift towards a positive market trend. Yet, the ongoing price drop has somewhat dampened this bullish energy.

How WIF’s performance compares to other memecoins

Over the past week, the cryptocurrency Dogwifhat (WIF) has seen a significant surge of more than 30%, based on information from CoinMarketCap. This strong increase places WIF at the top of the list as the leading gainer among the top five memecoins.

During this specific timeframe, Popcat was the sole meme-token that surpassed WIF‘s performance. Popcat experienced a remarkable jump of more than 70%, positioning itself in the top eight performers overall.

Currently, I find myself analyzing a company whose market capitalization stands at roughly $1.9 billion, and its daily trading volume hovers around the $475 million mark.

Moreover, information provided by Coinglass indicates that WIF‘s funding rate consistently stays above zero, implying that buyers are still in control of the market.

In simpler terms, when there’s a positive funding rate, it means more traders are holding ‘buy’ positions (long positions) than sell positions. This is because these traders are ready to pay extra to keep their long positions active in the market.

The continued influence of buyers suggests a positive outlook or optimism about the future value increase of WIF, showing faith in its potential growth.

2024-08-25 18:16

Dogwifhat sees intense accumulation

Dogwifhat sees consecutive uptrends

How WIF’s performance compares to other memecoins

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