Whats Next for Dogwifhat Meme Cryptocurrency as Major Investors Dump it

Byadmin

Jun 21, 2024
Whats Next for Dogwifhat  Meme Cryptocurrency as Major Investors Dump itWhats Next for Dogwifhat Meme Cryptocurrency as Major Investors Dump it

The large holder of Dogwifhat (WIF), commonly known as a whale, triggered a price drop by selling off a significant portion of their holdings. This selling pressure deepened the downward trend, causing the value of WIF to decrease by 21% over the past week and over 32% in the past month.

According to reports, a major whale of Dogwifhat transferred 59,700 WIF tokens to Binance, worth slightly over $120,000, further strengthening the recent downward trend of the coin.

ICYMI: Someone sent approximately $121,000 worth of SOLANA Memecoin $WIF (@dogwifcoin) to @binance. [Image]

Earlier this week, another whale liquidated tokens with a value of around $35,000 in a short period of time. Due to these large sell-offs, the price of WIF plummeted by 24% in the past 7 hours, breaking below the key support level of $2, and is currently trading at $1.89.

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Based on this fundamental indicator, the altcoin season is about to start early. More importantly, Dogwifhat has a high market cap, reducing by just over 7% to $188.3 million. Despite the price drop, the trading volume of WIF increased by approximately 24% in the past 5 hours, reaching $39.93 billion, indicating increased market activity due to the recent whale sell-offs.

Looking ahead, with the breach of the $2 support level and the continued sell-off by large investors, the prospects for Dogwifhat remain bearish. Unless there is a significant shift in market sentiment or a restoration of confidence in cryptocurrencies, further decline in WIF is expected soon. [Image]

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