Dogwifhat (WIF) Surges 10.4% Amid Whale Frenzy, New ATH Coming Soon?
May 20 2024 - 4:00PM
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The recent market pump saw the surge of many sectors in the crypto
market. Fueled by Roaring Kitty’s return, part of the memecoin
sector registered remarkable gains over the past week, with Tokens
like Pepe (PEPE), Popcat (POPCAT), and Dogwifhat (WIF) leading the
way. Related Reading: Floki Inu Frenzy: Memecoin Eyes New Highs As
Open Interest Soars Due to its recent performance, some analysts
forecast a new boost for WIF soon, while some whales load their
bags with the dog-themed token. Whales Put Their Hats On
Dogwifhat’s price soared after Roaring Kitty’s comeback, surging to
$3.25 and prompting whales to fill their bags. However, the price
fluctuations over the past week have made some large investors sell
the dog-themed memecoin at a loss. After WIF’s price dropped over
the weekend, a whale sold 1.7 million tokens at a loss to buy BONK
and the Donald Trump-inspired memecoin TREMP, the address initially
bought WIF at $2.94 in March and sold it on Sunday at an average of
$2.57. Nonetheless, the price drop was seen as an opportunity for
other large-scale investors. According to Lookonchain, a whale
created a new wallet to buy Dogfight. On Monday, the wallet
withdrew 1.83 million USDC from Coinbase to buy the dog-themed
token. At the time of the report, the investor had spent 606,000
USDC to buy 227,896 WIF at $2.66. The wallet had 1.22 million
USDC left to continue the buying spree. A few hours later, the
whale had spent another 400,000 USDC to buy 145,000 more tokens. As
of this writing, the address displays a total WIF balance of
472,614, worth around $1.28 million. Similarly, another whale
created a new wallet to buy dogwifhat. Per the reports, this whale
used SOL to scoop 1 million WIF, worth around $2.53 million, on
Sunday. Since then, the address has added more tokens to his bag,
currently holding 1.39 million WIF, worth $3.8 million. WIF Ready
For A New ATH This Month? The recent whale activity seemingly
fueled the token’s price to soar above $2.7, hovering between $2.7
and $2.73 in the following hours. The surge represents a 10.4%
increase in the past 24 hours. Despite the recent performance, the
token still registers red numbers in longer timeframes. WIF’s price
has decreased by 8.3% and 14.8% in the weekly and bi-weekly
timeframes. Moreover, its daily trading volume has seen a
significant 21.6% decrease in the past 24 hours. Nonetheless,
market watchers consider that this cycle’s dog-themed sensation
still has its hat on. Crypto trader Scient identified a bull
pennant pattern on WIF’s chart. Per the trader, the token is still
consolidating inside the pattern. The token’s performance displayed
“another bullish sign indicating that this consolidation is ending
soon” after having a higher high followed by a lower high.
Similarly, Ansem, a popular trader and figure in the crypto world,
suggested that WIF could be preparing for new highs. Related
Reading: Solana Blasts Past Resistance: Buckle Up For $330 Breakout
– Analyst To him, dogfight will reach a new all-time high (ATH)
alongside Solana (SOL) by the end of the month? The breakout will
end a “3-month period of bullish consolidation after the last leg
up,” lining “with BTC’s bullishness.” Featured Image from
Unsplash.com, Chart from TradingView.com
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