Dogwifhat Whale Moves $3M Tokens To Coinbase, What’s Next For WIF?

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As a seasoned crypto investor with battle-tested nerves and a knack for navigating market turbulence, I can’t help but feel a sense of deja vu amidst this Dogwifhat whale saga. The crypto market has always been unpredictable, and events like these are just another reminder of that.

In the midst of a chaotic and volatile cryptocurrency market, a significant investor known as a ‘Dogewhale’ sold almost $3 million worth of tokens. This action sparked widespread worry among traders and investors worldwide. Data from on-chain analysis on Wednesday showed that this whale transferred millions of WIF to Coinbase, leading to pessimistic feelings among investors amidst a broader market downturn. It’s important to note that the price of WIF dropped approximately 3% within the day due to this massive sell-off to the crypto exchange.

Cryptocurrency fans are debating the potential path for the popular meme token themed around dogs, given the recent unsettling happenings in the market.

Dogwifhat Whale Offloads $3M Tokens To Coinbase Sparking Speculations

As a researcher, I’ve discovered that a significant player in the Dogwhifhat market, often referred to as a ‘whale’, transferred approximately 1.2 million tokens valued at around $3.47 million to the prominent crypto exchange, Coinbase. Data from Solscan reveals that this whale’s unique wallet address is 72X13Krh1nCM.

Interestingly enough, about eleven months past, this whale amassed the mentioned sum with just an investment of $393,000. Given that the market has been on a bull run following Trump’s victory, this whale’s holdings have earned a significant $3 million in profit.

Additionally, it’s worth mentioning that this event occurs amidst a period of increased volatility in the wider crypto sector. According to CoinGape, substantial crypto liquidations have been reported recently, with altcoins experiencing the brunt of it. Specifically, Dogecoin had liquidations amounting to $22 million on December 9 and 10, according to Coinglass data.

Significantly, the decrease in the whale’s holdings could be because of investor unease or the desire to lock in profits, given that the market is experiencing volatile activity with large amounts being liquidated. Taking these points into account, traders and investors are guessing about the potential price fluctuations of the popular meme coin.

What’s Next For WIF?

As I write this, Wrapped Internet Fuel (WIF) has dropped approximately 3.5% for the day and is being exchanged at around $2.87. Earlier today, it reached a low of $2.66 and peaked at $3.01. It’s worth mentioning that WIF is now 41% lower than its all-time high (ATH) of $4.85. This decline comes after the recent Dogwifhat whale selloff, which has raised questions about potential future shifts in the cryptocurrency market.

According to a recent analysis by CoinGape, it’s predicted that the Dogwifhat coin might reach a price of $10 by the end of December 2025. If it manages to break through the resistance at $4, it could potentially regain its all-time high (ATH) of $4.85. Surpassing this ATH could then propel the token towards the $10 mark. Meanwhile, investors are closely monitoring the coin for any price movement changes in the near future.

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2024-12-11 10:33