coinpedia.org
-
Dogwifhat whale reinvests $35M, doubling down on $WIF after $68M profit.
-
$WIF surged 17.69% in a week, attracting major investment from its largest holder.
-
$WIF sees bullish trends, with shorts liquidated as whale increases stake.
The cryptocurrency market is heating up, and Memecoins are leading the charge. Among them, Dogwifhat ($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.