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WIF Price Rallies 21% On Massive Buying By Dogwifhat Whales, What’s Next?

Published

4 days ago

June 25, 2024

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In a surprising turn of events, Dogwifhat (WIF) witnessed a dramatic price surge of over 20% today. The surge was primarily driven by substantial purchases from large-scale investors, commonly referred to as ‘whales.’ This spike comes amidst significant market volatility and complex trading behaviors.

Dogwifhat Whale Buying Soars

The most notable purchase from one whale who has faced considerable losses but continues to invest heavily in WIF. The whale had previously incurred a staggering loss of $4.63 million on Dogwifhat. Now, he re-entered the market, spending 3.77 million USDT to acquire 2.06 million WIF after the Solana meme coin’s price began to climb, according to Lookonchain.

The latest Dogwifhat whale purchase was made at an average price of $1.83 per WIF. This follows a history of selling at lower prices and then buying back at higher prices, which has resulted in substantial losses. However, just three hours prior to the recent accumulation, this whale had sold all 2.34 million WIF for $3.77 million.

It resulting in another significant loss of $2.71 million. This pattern of buying high and selling low has characterized the whale’s trading strategy. Hence, it culminated in two major transactions that resulted in cumulative losses totaling $4.63 million.

Earlier last week, Dogwifhat whales collectively dumped $30 million worth of WIF amid the price to dip from $2.06 to $1.75. This massive sell-off expedited a sharp decline in the WIF price, which has only recently begun to recover. Despite this turbulence, the recent resurgence in buying has reversed half of the losses incurred last week, marking a significant recovery.

Also Read: Should You Buy Solana Dip Or PEPE, Dogwifhat Meme Coins?

What’s Next For WIF Price?

Currently, Dogwifhat’s price has stabilized, being only 11% down over the past 30 days. It marks a substantial improvement from the earlier monthly losses which exceeded 30%. Moreover, this recovery has fostered optimism among investors and market analysts alike.

At the time of writing, the Dogwifhat price soared by 21.43% to $1.86 on Tuesday, June 25. Whilst, the Solana meme coin’s market cap climbed to $1.85 billion. Furthermore, the WIF trading volume surged to $792.87 million in the last 24 hours.

Dogwifhat Price 1-Day Chart, Source: CoinMarketCap

Currently, it holds the 50th rank in top cryptocurrencies list on CoinMarketCap. Amid the WIF price’s latest rally, Bitget promoted Dogwifhat spot trading on its platform via a post on X. Moreover, Michael Jordan Stan, an admin of Dogwifhat’s official Telegram group, spotlighted the rally among the community using Bitget’s post.

Meanwhile, the Relative Strength Index (RSI) for WIF is presently at 36.98. This suggests that the asset is approaching the oversold territory, which often precedes a potential rebound in price. Moreover, the recent surge in WIF price aligns with the RSI indicator.

If the bullish momentum continues, Dogwifhat could break through the $2 resistance mark. Surpassing this threshold may set the stage for WIF to reach new highs of $3. Furthermore, the WIF price could even target $5 in the forthcoming period if it holds firmly above the critical resistance levels.

Also Read: Dogwifhat Price Forecast: Is It Time to Buy The Dip?