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A Dogwifhat (WIF) whale has conducted a significant transaction that has intrigued the community. The volume of the transaction and the duration the whale held the asset have raised concerns among a segment of traders and investors alike.
Profitable move amid market volatility
According to Lookonchain data, the Dogwifhat whale transferred 1.2 million WIF tokens, valued at about $3.47 million, to the Coinbase exchange. This typically suggests a potential intent to trade the tokens. So far, no reason has been given for the massive transfer.
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Interestingly, the whale’s activity has made investors curious. The whale purchased 1.2 million WIF tokens just 11 months ago. The cost of acquisition back then stood at $393,000. Within less than a year of holding the tokens, they appreciated significantly to their current valuation.
With this transaction, the whale has raked in $3,077,000 in profit. Analysts consider the whale’s transaction very timely and profitable. However, some argue that it could potentially drive WIF prices down in an already volatile market characterized by price fluctuations.
Already, on-chain figures indicate bearish sentiment among WIF traders and investors. This has left analysts speculating about the future price trajectory of the meme coin.
Price outlook and market sentiment
As of this writing, WIF is exchanging hands for $2.96, up 4.7% in the past 24 hours, per data from CoinMarketCap. Despite this price rebound, market volume has dipped by 42.52% to $964.05 million, signaling waning confidence among investors.
In earlier trading, WIF had dipped to a low of $2.66 after failing to stabilize at the $2.80 support level.
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Although the token is currently on a price retracement, it is still trading below the critical $3 mark. Within the last seven days, WIF soared to $3.96, with some anticipating a further climb to $4 and possibly testing its previous all-time high (ATH) of $4.85.
With the recent whale sell-off, market watchers remain uncertain about WIF’s price movement. This is despite a prediction of $80 in price value by Henrik Zeberg, a trader known for his bold predictions.
