The major holders of Dogwifhat (WIF), often referred to as whales, have caused a decline in the price by selling significant portions of their holdings.
This selling pressure has deepened the downward trend, with WIF losing 21% of its value in the past week and over 32% in the last month.
According to reports, one of Dogwifhat’s main whales transferred 5.97 million WIF, valued at just over $12 million, to Binance, further intensifying the recent downward trend of the coin.
ICYMI: SOMEONE SENT ~$12.1M WORTH OF SOLANA MEMECOIN
$WIF
(
@dogwifcoin
) TO
@binance
pic.twitter.com/bZFZl4JJaV
—德根新聞 (@DegenerateNews)
June 21, 2024
Earlier this week, another whale liquidated tokens worth approximately $3.5 million within a short period of time.
As a result of these massive sell-offs, the price of WIF has sharply declined by 7% in the past 24 hours alone, falling below the key support level of $2 and currently settling at $1.89 at the time of writing the article.
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Based on this fundamental indicator, the altcoin season is expected to start earlier.
Furthermore, Dogwifhat’s market capitalization has also decreased by just over 7% to $1.883 billion. Despite the price decline, WIF trading volume has increased by approximately 5% in the past 24 hours, reaching $399.3 million, indicating heightened market activity driven by reactions to the recent whale sell-offs.
Looking ahead, with the break below the $2 support level and ongoing selling by large investors, the prospects for Dogwifhat remain bearish. Unless there is a significant change in market sentiment or a restoration of trust in the cryptocurrency, further declines in WIF can be expected in the near future.
