As a seasoned researcher with years of experience tracking cryptocurrency markets, I’ve seen my fair share of bull runs and bear markets. However, the recent surge in Dogwifhat (WIF) is something that catches my attention. The substantial investment by major stakeholders, as evidenced by the whale accumulation, has been a consistent pattern in successful projects.
Dogwifhat price plunged 3.5% to $1.9 on Sunday trading sessions, underperforming in the less volatile weekend. However, the pullback is nominal compared to the early week rally, indicating a cool-off to recuperate the bullish momentum. Thus, the WIF price is poised for renewed recovery amid whale accumulation and open interest spike in future markets.
Dogwifhat Price Soars as Key Investor Acquires 800K WIF
Based on data from the tracker Lookonchain, the largest investor in Dogwifhat (WIF) has boosted their ownership by acquiring approximately 800,556 WIF tokens at a price of around $1.92 per token, spending about 1.54 million US Dollars in total. This purchase brings their total WIF holdings to roughly 28 million tokens, valued at a market worth of around 53.23 million US dollars.
Furthermore, the investor showed assertive investment tactics by transferring approximately $35.48 million in WIF into Kamino over the last three days and obtaining a $3.24 million USDC credit line to acquire an extra 1.8 million units of WIF.
The largest holder of $WIF spent 1.54M $USDC to buy 800,556 $WIF at $1.92 again!
This whale currently holds 28M $WIF($53.23M), and the profit on $WIF has exceeded $77M!
— Lookonchain (@lookonchain) August 25, 2024
Large investors often put significant funds into an asset, which usually leads to increased demand and price rise, fostering a prolonged market rebound.
The Dogwifhat price currently trades at $1.9, boosting a market cap of $1.9 Billion.
Moreover, the open interest for WIF in the futures market jumped from $192.8 million to $264.1 million within a week, translating to a 37% rise, as reported by Coinglass. This substantial growth indicates a growing curiosity among investors, possibly pointing towards increased market confidence or increased speculation.
WIF Price Nearing a Major Breakout
As a seasoned crypto investor with years of experience under my belt, I’ve seen countless market fluctuations and trends come and go. This week, however, has been particularly exciting for me as I witnessed the remarkable recovery of the cryptocurrency market, fueled by a Bitcoin price surge above $64000. The energy surrounding this bullish momentum was palpable, and it didn’t take long for one of my favorite coins, Dogewhiz, to capitalize on the trend.
Examining the day-to-day graph suggests that the current upturn represents a falling wedge formation – a significant reversal pattern starting from March 2024. Although the two lines of this pattern typically cause a continuous decline, theoretically, it hints at a decrease in negative momentum. Consequently, if buying pressure continues, the Dogwifhat price might increase by around 12% before encountering resistance at the upper trendline priced at $2.1.
A significant change in market direction might be indicated by a potential surge, which could propel prices up towards $2.9 first, then potentially even higher to $4 next.
In a different way of saying it: Instead, the upward trendline has made traders more confident to buy instead of sell during rallies. Furthermore, the 100-day exponential moving average, which aligns with the resistance line that is sloping downwards, might trigger another price decrease in Dogwifhat, possibly undoing the bullish breakout.
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2024-08-25 22:36