As a researcher with experience in the crypto market, I find the recent deposit of 12.66 million WIF ($23.4 million) into Binance by a whale to be an intriguing development. The size and timing of the transfer are significant indicators that this could be a sell signal, especially given the volatile market conditions and the recent downturn in Dogwifhat’s value.
Based on Lookonchain’s report, a large investor, referred to as a whale, transferred 12.66 million WIF tokens, equivalent to around $23.4 million, into Binance exchange. This transfer took place in two separate transactions. The act of depositing coins typically indicates a potential plan to sell them, while moving coins out, or withdrawing, is usually associated with buying intentions.
As a researcher examining transactions on Binance, I find the recent deposit of approximately 12.66 million WIF tokens particularly notable. The significance of this deposit isn’t merely tied to its large volume but also stems from the sensitive market conditions that have been characterized by volatility.
At present, a significant shift occurs as the meme token Dogwifhat, which operates on the Solana platform, undergoes a slump. In the previous day, there was a 7% decrease, while the past week has seen a more pronounced fall of 34%.
The decrease in Dogwifhat’s worth mirrors the larger market attitude, which has grown increasingly pessimistic recently. Bitcoin reached a lower point than it had in over a month, as the absence of fresh market catalysts dampened this year’s unprecedented price increase.
Dogwifhat plunges 31%
The meme token Dogwifhat (WIF) on the Solana blockchain has experienced a notable decline over the past day, coinciding with renewed bearish trends in the cryptocurrency market.
In the given context, the value of WIF has been on a downward trend since hitting its peak at $4.07 on May 29. Subsequently, there has been a succession of daily price drops totaling six straight days, starting from June 17.
As I pen this text, WIF is priced at $1.68 on the exchange, representing a 3% decrease within the past hour and an overall 7% decline over the past 24 hours. Should today’s market close with losses, WIF may face its seventh consecutive day of price decreases. Notably, this Solana-backed meme coin has experienced a 35% reduction in value over the past week.
Over the last week, there has been a noticeable decline in the prices of various meme tokens on the Solana network. For instance, BONK has experienced a dip of 17.58%, while BOME has seen a decrease of 15%.
Among the top 10 cryptocurrencies, only Solana and Dogecoin have experienced significant price drops over the past week. Solana’s coins mimic its downward trend, with a nearly 10% decrease for both in the last seven days.
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2024-06-23 19:40