Whale Makes Huge Purchase WIF a Coin with Dog Theme Soars 237 During Market Downturn
Key Points
A significant investment was made in WIF by a large investor, purchasing 2.06 million tokens at $1.83 each.
The social activity surrounding WIF increased by 78%, indicating a rise in investor interest.
WIF’s overall open interest grew by $10 million, suggesting a positive trader sentiment.
Dogwifhat (WIF), a meme coin themed around dogs, has experienced a notable shift in momentum after enduring a month of continuous declines. With a 23.7% surge in the past 24 hours, WIF is now trading at $1.92, marking its first bullish movement in nearly a month.
This sudden surge was primarily the result of substantial purchases made by large-scale investors, who discussed potential buying opportunities for the meme coin.
Whale Makes Significant Purchase of WIF
According to Lookonchain, a prominent blockchain analytics firm, a large investor, previously faced with significant losses on WIF, has reinvested millions in the token despite its recent price rise.
The investor initially suffered a substantial loss of $4.63 million on WIF. Despite these losses, they recently spent 3.77 million USDT to repurchase 2.06 million WIF at an average price of $1.83 per token.
This reinvestment was made at an average price of $1.83 per WIF, indicating a strategy that involved selling at a low price and then buying back at a higher price.
MemeCoin Social Activity Surges 78%
Recent data from Santiment shows a surge in the price of dogwifhat as investors discuss potential buying opportunities. Meanwhile, the social activity around the meme coin spiked by 78% in the past 24 hours.
During this time, WIF’s total open interest rose from $191 million to $201 million, and the total funding rate has remained stable at around 0.007% since June 20. The $10 million increase in open interest suggests a bullish sentiment among traders.
Additionally, the WIF relative strength index (RSI) increased from 24 to 34, indicating favorable conditions for a potential price surge.
Looking Forward
After a volatile period, Dogwifhat’s price has found stability, showing just a 14% decline over the past 30 days, a significant improvement from earlier losses exceeding 30%. Currently, Dogwifhat’s price has surged by 23.43% and is currently hovering at $1.96 with a market cap of $1.9 billion.