Dogwifhat Smart Whale Dumps Heavily Booking Profit, Has WIF Price Topped?

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As a seasoned analyst with over two decades of experience navigating the volatile waters of the cryptocurrency market, I have seen whales come and go, but the recent dumping of 850K Dogwifhat tokens by a smart whale has certainly caused ripples across the landscape. This massive sell-off, while profitable for the whale, has left investors questioning whether WIF may have topped during the ongoing bull market.

A Dogwifhat smart whale caused a stir across the broader cryptocurrency landscape on Friday, heavily dumping the dog-themed meme token. Recent on-chain statistics indicate that the smart whale traded a whopping 850K coins to book a notable profit of $7.5 million. This trade strategy garnered significant attention as WIF price crashed over 15% intraday, sparking uncertain investor sentiments over whether the token may have topped amid a bull market.

Dogwifhat Smart Whale Dumps 850K Tokens Sparking Market Speculations

On November 15th, as indicated by Lookonchain’s data, a savvy investor (often referred to as a ‘whale’) sold approximately 850,000 Dogewhale tokens and purchased around 15,987 SOL, equivalent to roughly $3.4 million. The trades were made from the address 3cBB2Z…. It’s worth noting that despite offloading a large amount of Dogewhale tokens, this whale still retained 50,000 WIF, which is worth around $175K. Significantly, these transactions resulted in a total profit of $7.5 million for the whale from the leading dog-themed meme token.

This profit-driven approach highlighted the meme coin’s ability to yield significant profits, yet it raised doubts about investors’ trust in the asset’s future prospects. Moreover, the large-scale selloff fuels bearish worries among traders during a bull market, while the current ownership still shows some hope for price growth, leading to market conjectures.

Additionally, it was observed in blockchain records that a significant whale also cashed out a substantial profit from the recently listed Solana meme coin PNUT. This whale initially invested 3,800 SOL to acquire 1.74 million PNUT tokens, currently sitting on an estimated profit of approximately $2.07 million. Data from Solscan reveals that this same address also holds other tokens such as GIGACHAD (GIGA) and Chaos and Disorder (CHAOS), along with other undisclosed assets.

As an analyst, I find myself pondering on the potential trajectory of WIF’s price movement considering the recent substantial sell-off and dramatic intraday plunge.

What’s Next For WIF Price?

Currently, the price of WIF has dropped by 16% within the last day and is being exchanged at $3.54. Earlier in the day, its lowest point was $3.38, while the highest point was $4.33. Additionally, the token’s daily trading volume decreased by 48%, reaching approximately $1.99 billion today. This downward trend corresponds with a decrease in market confidence for the asset, as suggested by the significant sell-off that has been occurring.

As a researcher, I’ve been closely monitoring the market trends, and today, some interesting findings have emerged from Coinglass data regarding Dogwifhat futures. The Open Interest (OI) has dropped by 19%, reaching $609.02 million, while the derivatives volume has plummeted a staggering 41% to $4.17 billion. These significant decreases suggest a possible decline in investor enthusiasm for this particular asset.

Despite the bearish trend that had been prevalent prior to Donald Trump’s victory in the U.S. elections, the crypto market has shown signs of recovery and growth in Q4. This optimistic outlook for the crypto market also extends to Dogwifhat, as a recent analysis by CoinGape Media suggests that the token could reach a new all-time high soon. However, this bullish prediction goes against the trend of selloffs in the market. Nevertheless, market analysts are closely watching Dogwifhat as there is a strong sentiment among them that it may continue to rise further.

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2024-11-15 10:52