Dogwifhat Whale Accumulations Soar; Is A WIF Price Breakout Ahead?

Dogwifhat (WIF), a renowned dog-themed meme cryptocurrency, has recently emerged on the radars of crypto market traders and investors globally. Primarily, as whale accumulations for the token soared in recent days, market sentiments on the coin’s future price action have turned optimistic. Meanwhile, the broader timeframe chart illustrates a period of consolidation for WIF price, adding to speculations among market participants.

Dogwifhat Whale Accumulations Spike Igniting Market Optimism

As per on-chain transaction data rolled out by the tracker Lookonchain on September 11, two whales have heavily bagged WIF in the past two weeks. Notably, the whale addresses D2Noa1.. and 22Nt… were recorded to have collectively accumulated 20.58 million WIF, worth $33.35 million, from the exchanges Binance and Bybit.

These accumulations have garnered significant optimism toward the SOL-based meme cryptocurrency, underscoring large-scale market investors’ confidence in the asset’s future performance. Simultaneously, the accumulation may also be a potential buy-the-dip approach by whales, as September is marked as the worst month for the broader market.

Despite the looming FOMC that hints at Fed rate cuts this month, key analysts believe the market may gradually embark upon an uptrend as Q4 begins. Altogether, recent market stats indicate that coupled with whale accumulations, Dogwifhat may also see an uptrend ahead.

Notably, a recent WIF price analysis by CoinGape Media further highlights that the token may be poised for a 20% rally ahead. This analysis also comes against the backdrop of increased WIF whale accumulations.

WIF Price Slips Today, What’s Next?

Today, WIF price tanked 7% in the past 24 hours and is currently trading at $1.56. The coin’s intraday low and high were $1.56 and $1.71, respectively. The dog-themed meme token‘s 24-hour trading volume dipped 38.10%. This waning price movement primarily aligns with today’s broader market trend. Meanwhile, the monthly chart illustrated a period of sideways trading for the token.

Also, Coinglass data illustrated an 8.5% decline in the coin’s future OI to $211.6 million today. Further, even the derivatives volume plunged 24.68% to $889 million, raising investor concerns in contrast to the recent whale data.

Nonetheless, renowned crypto analyst ‘Muro’ posted on X recently, indicating that Dogwifhat price chart mirrors bullishness, adding to optimism on future movements alongside recent whale data. Crypto market enthusiasts continue to extensively eye the token for future price action shifts, expecting an uptrend looking at long-term prospects.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.