As a seasoned crypto investor with a decade of experience under my belt, I’ve witnessed countless market fluctuations and learned to ride the waves. Today, I find myself reflecting on the performance of Dogwifhat (WIF), a meme coin that mirrors Solana’s SHIB. The 10.1% plunge it experienced overnight was a stark reminder of the unpredictable nature of this market. However, amidst the chaos, one whale managed to cash out with breathtaking profits, turning a $5K investment into $24M.
Among the top 100 cryptocurrencies, Dogwifhat (WIF), a clone of Solana’s SHIB, experiences the steepest decline. Yet, during this downturn, one of the most convinced investors cashes out with impressive profits. Meanwhile, Dogecoin (DOGE) surpasses the market benchmark significantly.
Dogwifhat (WIF) becomes worst performing crypto amid plunge
Overnight, the popular meme cryptocurrency Dogecoin (WIF) experienced a 10.1% drop in its total value, leading to weekly losses that surpassed 35%. The recent dip took Dogecoin’s price down to $1.63, which was a local low, and resulted in it falling out of the top 50 largest cryptocurrencies ranked by market capitalization.
Competing meme coins seem to be struggling, as well. Currently, Brett (BRETT) has dropped by 10%, indicating a strong possibility that its market capitalization could dip below the $1 billion mark.
As a researcher, I’ve just observed a significant dip in the crypto market today. My coin of interest, Floki (FLOKI), took a hit, dropping by approximately 5.5%. The popular Shiba Inu (SHIB) also saw a decrease of about 4.9%. Sadly, Bonk (BONK), a coin I’ve been tracking, is down by a staggering 7%, and it’s plummeted below the $1.5 billion capitalization mark.
The top cryptocurrencies related to cats, Popcat (POPCAT), Cat in Dog World (MEW), and Mog Coin (MOG), experienced a decline of around 12-17% collectively. Currently, they are making an effort to maintain their market value above the $0.5 billion mark.
In the current situation where the general cryptocurrency market is experiencing a 4% decrease, it’s worth noting that Dogecoin (DOGE), among the meme coins, is the one showing the smallest dip at a rate of just 2.9%, making it the top performer within its segment at this time.
As a crypto investor, I noticed that the market cap of meme coins dipped by 8% today, now hovering around the $45 billion mark according to CoinGecko’s latest update.
Sell-off with 4,500x profit: Whale turned $5K into $24M holding WIF
Over the last day, a staggering 87,444 traders have had their positions closed (liquidated), resulting in a massive $290 million being wiped out. Interestingly, about 85% of this figure represents long positions, according to CoinGlass’ data.
Simultaneously, one of the earliest and most substantial Wallet-in-Fusion (WIF) holders caught attention during this market downturn. According to Lookonchain’s assessment, a significant investor or group of investors dumped approximately 14.53 million WIF worth around $24 million on August 3, 2024.
On November 30, 2023, the enigmatic whale bought their WIF bags for just $5,340. Subsequently, they realized an astonishing 4,497-fold return on this investment.
If I were to sell this allocation at its all-time high (ATH), the return on investment (ROI) would be staggering, approximately 12,927 times my initial investment of $5,340. This would result in a substantial profit of nearly $70 million.
Read More
- ENA PREDICTION. ENA cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- HYDRA PREDICTION. HYDRA cryptocurrency
- BRISE PREDICTION. BRISE cryptocurrency
- VINU PREDICTION. VINU cryptocurrency
2024-08-03 16:51