- A whale has sold nearly 1 million WIF tokens.
If bearish trends continue, a massive sell-off may occur, driving WIF down to $0.90.
As an experienced financial analyst, I closely monitor the cryptocurrency market and its underlying trends. The recent sell-off in Solana (SOL) and its associated tokens, including WIF, has raised concerns due to the significant price drop in SOL and the broader bearish market sentiment.
The global cryptocurrency market suffered significant losses, resulting in a large-scale sell-off for Solana (SOL) and its accompanying tokens.
Whale offloads $1.65 million WIF tokens
Amidst the intense selling activity on the Fourth of July, a major investor, or “whale,” disposed of approximately 900,000 Dogecoin Improvement Proposal (WIF) tokens, valued at around $1.64 million, onto the cryptocurrency exchange ByBit, according to data provided by the on-chain analysis firm Lookonchain.
As a crypto investor, I’ve noticed a significant market downturn causing widespread selling. However, based on available information, one prominent investor, often referred to as a “whale,” still held onto an impressive stash of 974,000 WIF tokens. The value of these tokens amounted to approximately $1.76 million.
As a crypto investor, I’ve noticed a significant sell-off in the market recently, with Solana (SOL) being a major contributor. Based on my observation, the current market sentiment and the steep price decline of SOL might be the primary reasons behind this trend. According to CoinMarketCap, SOL has experienced a drop of more than 8% until now.
The pessimistic outlook in the cryptocurrency market is being reinforced by recent developments. Specifically, there’s been an update regarding the Mt. Gox Bitcoin repayments, and it appears that the anticipated Ethereum [ETH] ETF launch may be delayed once again based on expert analysis.
Due to these factors, WIF has lost over 11% of its value as well.
WIF technical analysis
As of the moment this article is being published, WIF was holding steady at a robust support price of $1.6. It seemed to be shaping up as a bullish double-bottom formation on the chart, indicated by a doji candle.
As a researcher studying historical market trends for WIF since March 2024, I’ve observed that this is the third occasion where the stock has surpassed a significant threshold. In every instance, there has been a noticeable upward trend in trading activity from bullish investors.
Due to the current market sentiment, this level becomes even more crucial.
If the WIF level fails to hold and the daily candles consistently close below it as support, there’s a strong possibility of a significant sell-off ensuing, which could push the price down to the $0.90 mark.
As a researcher examining the WIF market, I’ve observed a notable decrease in Open Interest – this metric has dropped by approximately 8%. Such a reduction indicates reduced investor and trader involvement and, consequently, a bearish sentiment towards the asset.
WIF price-performance analysis
As of the current moment, WIF was approaching the $1.77 mark during regular trading hours, while there was a significant decrease of over 8% in its value within the past 24 hours.
During that timeframe, there was a significant increase of 60% in trading activity, indicating heightened interest from investors and traders as the market faced a decline.
Over the past week, WIF experienced a 10% decrease in performance. However, if we examine its performance over the last month, we find that it had dropped by more than 45%.
In addition to WIF, coins like Bonk (BONK), Book of Meme (BOME), and Cat in a Dog’s World (MEW) on the Solana blockchain have experienced price decreases. Specifically, Bonk has dropped by 9%, BOME by 7%, and MEW by 8% according to CoinMarketCap.
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2024-07-05 09:12