Binance Receives 12.66 Million WIF in Whale Moves as Dogwifhat Drops 30%

According to Lookonchain, a whale has made a significant move by depositing 12.66 million $WIF, valued at approximately $23.4 million, into the Binance exchange. The massive $WIF stash was moved in two transactions to the Binance crypto exchange. Depositing indicates an intent to sell, while withdrawals might suggest buying.

The deposit of 12.66 million $WIF into Binance is significant not only because of its size but also due to the timing amid volatile market conditions.

The substantial transfer comes at a time when the Solana-based meme coin Dogwifhat is experiencing a downturn, with a 7% decline in the last 24 hours and a 34% drop over the past week.

The decline in Dogwifhat's value is reflective of the broader market sentiment, which has been bearish in recent times. Bitcoin fell to a more than one-month low, as the lack of new market drivers slowed this year's record-breaking surge.

Dogwifhat plunges 31%

Solana meme coin Dogwifhat ($WIF) has dropped significantly since the past day, as the crypto market saw fresh bearish pressure.

In this context, $WIF has steadily declined since reaching highs of $4.07 on May 29. The most recent sell-off has seen $WIF fall for six days in a row since June 17.

At the time of writing, $WIF was trading at $1.68, down 3% since the past hour and overall 7% in the last 24 hours. If today closes in red, $WIF might mark its seventh day of losses. The Solana-based meme coin is currently down 35% weekly.

Other Solana meme coins have dropped since the past week, including BONK, which is down 17.58%, and Book of Meme (BOME), which is down 15%.

Solana meme coins have followed Solana's negative trend over the last week; Solana is the only cryptocurrency in the top 10 save Dogecoin, whose price has declined by nearly 10% in the last seven days.