Major $WIF Holder Doubles Down with $4.65M Purchase Despite 46% Price Drop

The largest holder of the Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) has doubled down on their bet on it, spending 4.65 million $USDC tokens to buy an additional 2.3 million tokens at little over $2.

According to data shared by on-chain analysis firm Lookonchain, the memecoin investor now holds 23.39 million $WIF tokens, worth little under $50 million, and has made a profit of around $83 million with the cryptocurrency.

The trader has also spent $8.65 million to buy 17.22 million $WIF in a single trade, which at the time gained the attention of the community.

Notably the move comes after the price of the meme-inspired cryptocurrency plunged by more than 46% over the past month in a significant correction that came after it moved up over 1,200% year-to-date. The correction briefly saw it drop below the top 50 cryptocurrency by market capitalization after it plunged to a $1.5 low.

$WIF is at the time of writing trading at $2.01, still significantly down from an all-time high around the $5 mark seen earlier this year. The price decline came shortly after a prominent cryptocurrency analyst has revealed he believed that the cryptocurrency, could keep on dropping before its performance turns around.

Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects $WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.

The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.

Featured image via Dogwifcoin.