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The largest Dogwifhat ($WIF) whale remains bullish on the Solana meme coin. Despite holding up to $68 million in unrealized profits, they continue growing their holdings and taking long positions.
This optimism persists even as Tron meme coins gain momentum, potentially overshadowing Solana-based counterparts.
Dogwifhat Whale Secures $68 Million Profit
On-chain sleuth Lookonchain reported that the top Dogwifhat ($WIF) whale has made significant transactions recently. Since Tuesday, this large holder deposited 21.9 million $WIF tokens, worth $35.48 million, into Kamino Finance. Following this, they borrowed 3.24 million $USDC, Circle’s stablecoin.
The whale continued their strategic moves by spending 2.7 million $USDC to purchase approximately 1.8 million $WIF. Notably, these transactions occurred on Kamino Finance, a Solana DeFi protocol that combines lending, liquidity, and leverage into a unified product suite with concentrated liquidity management.
Between December 13 and 15, the Dogwifhat whale spent $226,000 to acquire 19.86 million $WIF tokens at an average price of $0.0114 per coin. Following this, they registered the domain “binance-insider.sol” and made a substantial purchase of 17.23 million $WIF tokens in a single transaction, spending 86,738 SOL, worth $8.92 million.
Now holding the title of the largest $WIF whale, this major holder has accumulated 27.2 million $WIF tokens, valued at approximately $44.36 million. According to Lookonchain, they’ve realized around $68 million in profits and remain bullish on the asset.
“Now run to buy $WIF so that this group of people who are behind this token can cash out their $WIF,” one X user remarked.
Read more: How To Buy Dogwifhat ($WIF) and Everything Else To Know
Earlier this month, five wallets, possibly controlled by the same individual, sold 14.53 million Dogwifhat ($WIF) tokens worth $24 million, securing a staggering 4,497x return. Back in May, another early $WIF whale spent 4.2 million $USDC to buy 1.4 million $WIF tokens at an average price of $2.99, generating a profit exceeding $8 million.
This activity coincides with a growing spotlight on Solana meme coins, which are currently facing competition from Justin Sun’s Tron-based meme coins created on the SunPump platform. SunPump products have recently become a sensation, with the Tron executive actively fueling the hype.
Dogwifhat ($WIF) Price Outlook
Based on the $WIF/$USDT daily chart, Dogwifhat ($WIF) has consolidated into a falling wedge pattern since late March. This technical formation is considered a bullish reversal pattern, occurring when an asset’s price compresses between two downward-sloping, converging trendlines. The upper trendline represents declining resistance, while the lower trendline shows declining support.
The profit target in a falling wedge is typically calculated by measuring the widest distance between the two trendlines and then applying that distance to the breakout point. If $WIF breaks above the upper trendline, it may signal a strong bullish move.
To further validate this bullish setup, a break and close above the 61.8% Fibonacci retracement level of $2.518 would confirm the continuation of the uptrend. This level could present a favorable entry point for traders looking to go long on $WIF, with multiple long opportunities likely to emerge over the coming months.
Read more: Dogwifhat ($WIF) Price Prediction 2024/2025/2030
On the flip side, the Relative Strength Index (RSI) currently sits below 50, indicating weak buying pressure. If this weakness persists, $WIF’s price might retest the lower trendline before a potential bounce.
However, if the price retraces and breaks below the lower trendline, a decisive daily candlestick close under $1.070 would invalidate the bullish scenario and suggest further downside. Traders should monitor these key levels closely for confirmation of the next move.