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Dogwifhat whale reinvests $35M, doubling down on WIF after $68M profit.
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WIF surged 17.69% in a week, attracting major investment from its largest holder.
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WIF sees bullish trends, with shorts liquidated as whale increases stake.
The cryptocurrency market is heating up, and Memecoins are leading the charge. Among them, Dogwifhat (WIF) is standing out with an impressive price rally. Over the past week, WIF has surged by 17.69%, catching the attention of many investors.
What’s even more intriguing is the move by the largest Dogwifhat (WIF) holder. This major player, who has already earned over $68 million in profits, is now doubling down on its investment.
Recent Investments in Kamino and WIF
As per Lookonchain, in the past three days, the largest holder of WIF deposited 21.9 million WIF tokens, worth approximately $35.48 million, into the Kamino platform. Following this, the whale borrowed 3.24 million USDC and used 2.7 million USDC to purchase around 1.8 million more WIF tokens. This action indicates a strong belief in the token’s future performance.
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
This whale’s history with WIF shows a pattern of strategic buying. Between December 13 and 15, 2023, the investor spent $226,000 to acquire 19.86 million WIF tokens at a mere $0.0114 each.
Additionally, they registered a domain named “binance-insider.sol” and made a single, massive purchase of 17.23 million WIF using 86,738 SOL, valued at $8.92 million.
Whale Current Holdings
Currently holding 27.2 million WIF tokens, valued at $44.36 million, this whale’s total profit from their WIF investments exceeds $68 million, as reported by Lookonchain.
Their ongoing accumulation and long position suggest that they anticipate further growth and profitability for WIF, drawing attention from other market participants.
Dogwifhat (WIF) Price Action
Looking at the daily price action of Dogwifhat (WIF), the cryptocurrency has found strong support at $1.797 This level is important because WIF has tested it twice and successfully bounced back on the third attempt. However, to push WIF above the $2.3119 level, buyers need to show more interest.
Meanwhile, data from Coinglass shows that trading volume in derivatives has jumped by 51% to $1.26 billion, with a 22.06% increase in new contracts, adding up to $232.99 million.
Additionally, data on liquidations reveals that short positions are more dominant than long ones, which suggests a bullish trend. In the short term, shorts have also outperformed longs, with $1.07 million worth of shorts liquidated.