Latest on-chain data from LookonChain reveals Solana-based memecoin Dogwifhat is gearing up for a major rally as the largest Dogwifhat whale is on a massive buying spree and going long on WIF. The whale has already accumulated more than $68 million in profit and is looking to mint more.
Dogwifhat Whale Turns Bullish
Over the last three days, the Dogwifhat whale has conducted some bullish activity by depositing 21.9 million WIF, worth a staggering $35.48 million into Kamino. The whale later borrowed 3.24 million USDC stablecoins and used 2.7 million USDC to purchase around 1.8 million WIF.
Last year in December 2023, the whale acquired 19.86 million WIF at a mere price of $0.0114 per token with a total investment value of $226,000. Furthermore, the same whale also registered the domain “binance-insider.sol” by spending nearly $9 million in Solana tokens to buy 17.23 million WIF in a single transaction.
This WIF whale is currently holding 27.2 million WIF worth $44.36 million with total profits exceeding $68 million.
WIF Price Preparing for Mega Rally?
During the first quarter of 2024 when the Bitcoin price rallied all the way to its all-time high of $74,000, the Dogwifhat price also witnessed a mega rally all the way to $4.7. However, as Bitcoin and the broader crypto market entered a strong consolidation phase, the WIF price retraced all the way to a multi-month low of $1.18 earlier in August.
As of press time, WIF is trading at $1.60, comfortably breaking above its crucial resistance level of $1.5. As reported by The Coin Republic, breaking this resistance has opened up the gates to a further rally all the way to $3.0261 and $4.0883. Note that if the WIF price fails to hold above these crucial support levels, it might trigger a drop all the way to $1.01.
Also, the Coinglass data shows that in the last 24 hours, there has been a total of $587.94K in liquidations in the last 24 hours, with $267.29K in long liquidations and $320.65K in short liquidations. Also, the open interest has surged to $220 million.
Disclaimer
The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.
