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The meme coin industry, led by Dogecoin (DOGE), is currently valued at about $40 billion, with a daily average traded volume of around $3.14 billion. The Solana (SOL) network remains a top-performing layer one (L1) chain, heavily influenced by its meme coin ecosystem led by dogwifhat (WIF), and Bonk (BONK).
According to the latest crypto data, the Solana-based meme coins have a total market cap of about $6.4 billion and a daily average traded volume of about $1.3 billion.
Dogwifhat Whales Increases Appetite
The recent approval of two spot Solana ETFs in Brazil has set the stage right for further mainstream adoption of SOL-based projects. Furthermore, an altseason is anticipated on the horizon as the Bitcoin dominance continues to form a macro bearish reversal pattern.
The largest holder of $WIF, with over $68M in profit, is buying more and going long on $WIF!
— Lookonchain (@lookonchain) August 23, 2024
In the past 3 days, he deposited 21.9M $WIF($35.48M) into #Kamino and borrowed 3.24M $USDC, then spent 2.7M $USDC to buy ~1.8M $WIF!
This whale spent $226K to buy 19.86M $WIF at only… pic.twitter.com/4iXzJPlT8s
According to on-chain data analysis provided by Lookonchain, the largest holder of WIF, with a holding of 27.2 million units worth over $44 million, has begun to accumulate more coins.
In the last three days, the whale has taken a USDC loan of 3.24 million using WIF as collateral and used the funds to make more purchases.
WIF Price Preps Imminent Bullish Reversal
$WIF on $SOL
— Greeny 🇦🇺 (@greenytrades) August 23, 2024
Playing out this macro bullish wedge
Breakout in the coming months.
Watching for long opportunities. pic.twitter.com/K9zk1F9aXM
As it stands with the rest of the crypto market led by Bitcoin (BTC), WIF price has been bleeding for the past five months. The mid-cap meme coin, with a fully diluted valuation of about $1.6 billion and a daily average traded volume of around $440 million, has been forming a falling wedge, which is often followed by a major bullish uproar.
From a technical standpoint, the WIF price against the US dollar must regain the 50-day Moving Average (MA) as a support level to invalidate further bleeding ahead.