- WIF has declined by 11.74% over the past week.
- A Dogwifhat whale deposited 1.2 million WIF tokens worth $3.47 million.
As an analyst with over a decade of experience in the crypto market, I have witnessed many ups and downs, but the current state of Dogwifhat (WIF) is particularly intriguing. While it’s always exciting to see whales making big moves like the one we saw recently with the 1.2 million WIF tokens worth $3.47 million, it’s also a bit concerning when such actions are followed by a decline in open interest and increased selling pressure.
After reaching a peak of $4.7 in November 2024, the cryptocurrency WIF has found it challenging to sustain a positive trend.
Consequently, the price of the meme coin is dropping noticeably as shown in the graphs. This decrease has encouraged certain investors, particularly the big ones (whales), to offload their holdings to take advantage of the current surge and prevent potential future losses.
Dogwifhat whale sells 1.2M tokens
As reported by Lookonchain, a significant investor (often referred to as a “whale”) holding 1.2 million WIF tokens, worth approximately $3.47 million, has moved these assets into Coinbase. This whale initially acquired the tokens for around $393,000 in January, representing a substantial profit of over $3 million.
As sales increase, there might be concerns about the future outlook for WIF, given that its memecoin value has been on a downward trend.
Despite memecoins experiencing a significant drop recently, cryptocurrency exchanges are preparing for a pro-crypto climate in the United States. Consequently, Binance U.S has revealed plans to introduce Wallet in Fiat (WIF) on their platform. The WIF/USDT trading pair will commence from December 11th.
WIF community hopes this will bring new buyers and boost the memecoin to reverse the current trend.
Impacts on WIF price charts?
Based on AMBCrypto’s assessment, it appears that Dogwifhat is presently moving through a corrective phase following a significant retreat during the last seven days, causing many investors to adopt a pessimistic outlook.
Over the last seven days, the weighted sentiment towards the memecoin has shifted towards negativity, suggesting that many investors now view it in a pessimistic light.
In many instances, a predominantly negative outlook can lead to increased selling activity because it tends to dissuade potential buyers while simultaneously motivating current holders to offload their assets, much like the large-scale selling observed with the ‘whale’ in this case.
Based on recent developments, the market has shown signs of pessimism. This was further validated by a downward trend observed in both the RSI and MACD crossovers. Specifically, WIF exhibited a bearish crossover on its Relative Strength Index (RSI) about 48 hours ago. This suggests that sellers currently have more control over the market, with increased selling pressure being felt.
Consequently, the latest whale selling doesn’t stand alone; instead, it’s a component of the broader market trend that may have an immediate impact on prices.
Similarly, at the current moment, Dogwifhat’s total open interest across all exchanges stands at approximately $207 million – down from $330 million previously. This significant decrease suggests that investors are closing their positions and there aren’t many new participants joining the market, which may reflect a shift in investor sentiment.
Moreover, it’s observed that a change in attitude is apparent among those who have taken short positions, given their significant influence over the market. In fact, about 52% of all investors are placing their bets on a price drop.
Read dogwifhat’s [WIF] Price Prediction 2024–2025
As a researcher, it’s clear that bears seem to be leading the market surge. If this trend continues, there’s a possibility that WIF could experience further losses, potentially dropping to around $2.29.
But as Binance US initiates trading for WIF, there’s a possibility that the memecoin might experience an uptick due to increased interest from the U.S market, leading to buying pressure. If this influx of new buyers materializes, the memecoin could potentially regain the $3.4 resistance level.
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2024-12-11 21:44