dogwifhat Whale Sells 539,558 WIF As Open Interest Tops 8%

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As a seasoned crypto investor with several years of experience under my belt, I’ve learned to keep a keen eye on market trends and whale activities. The recent sale of 539,558 WIF tokens by a smart whale investor for around $2 million is an intriguing development that has caught my attention.

An astute whale investor in the crypto sphere, recognized for his intelligence, has recently caused a stir by offloading a substantial amount of 539,558 Dogecoin meme tokens (WIF). This action comes on the heels of an approximately 8% surge in the Open Interest for these tokens, taking place during the market’s volatile trend.

dogwifhat Whale Bags Huge Selloff Profit

Based on the data from cryptanalysis tool Lookonchain, a large-scale crypto investor disposed of their entire holding of 539,558 WIF tokens at a price of $3.7 per token. This sale generated approximately 11,708 Solana (SOL) units, equivalent to around $2 million. Following this transaction, the whale’s total earnings from their WIF investments now stand at $24.1 million. Despite this substantial profit, it underscores the investor’s faith in the long-term prospects of the memecoin.

The smart money sold all 539,558 $WIF for 11,708 $SOL($2M) at a price of $3.7 10 mins ago.
He has realized profits of $24.1M on $WIF, $11M on $boden and $6.28M on $BONK.
— Lookonchain (@lookonchain) May 28, 2024

As an analyst, I’d like to bring your attention to the fact that a significant whale transaction occurred concurrently with a noteworthy rise in WIF‘s Open Interest (OI) over the past 24 hours. According to data from Coinalyze, there was a 14.7% increase in OI, amounting to $421.7 million. Among exchanges, Binance recorded the highest Open Interest for WIF trading at $256 million, while Bybit followed closely with $134.5 million.

Significantly, Open Interest (OI) represents the quantity of derivative contracts still unfilled with their respective positions not yet closed. In a futures agreement, for every trader who sells, there must be another who buys and settles the contract. An increasing OI suggests a bullish market trend as traders with leveraged positions are actively opening more contracts in expectation of price fluctuations.

WIF Ranks Among Top Cryptocurrencies

As a crypto investor, I’ve noticed an impressive rise of WIF in the cryptocurrency world. It has managed to break into the top 20 by market capitalization within just a year since its launch. Currently, it holds the 29th position with a market cap ranking, trading at $3.57 which marks a 8.7% growth in the past day. The impressive market capitalization of WIF stands at a strong $3.5 billion, while its trading volume amounts to a substantial $1.4 billion.

As a crypto investor, I’ve noticed that apart from my wallet’s WIF key, Dogecoin (DOGE) and Bonk (BONK) have gained significant attention in the Options Instrument (OI) market. However, it’s important to highlight that Bitcoin (BTC) is currently dominating with an impressive $11.1 billion worth of open interest. Ethereum (ETH) follows closely behind with a strong $9.15 billion in OI.

In recent times, the surge in Open Interest (OI) for memecoins can be attributed to their robust upward trend over the past few weeks. For instance, Dogecoin’s price (WIF) hit a new peak of $0.0033, igniting a bullish sentiment in the market. Consequently, PEPE reached an unprecedented high of $0.00001718 during this trend, highlighting the escalating rivalry within the memecoin sector.

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2024-05-28 20:34