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]