Dogwifhat ($WIF) has experienced a notable price increase of 10% in the last 24 hours, reaching $2.75. This uptick contrasts sharply with its performance over the past week, where it saw a decline of over 10%.
The price of $WIF fell from above $3 to a low of under $2.5, reflecting a period of significant volatility.
According to data from Lookonchain, a whale has recently shown significant interest in $WIF, potentially driving the current price surge. This whale created a new wallet and withdrew 1.83 million $USDC from Coinbase specifically to buy $WIF.
So far, the whale has spent 606,000 $USDC to purchase 227,896 $WIF at an average price of $2.66. With 1.22 million $USDC remaining, the whale’s buying spree is still in progress.
A whale is buying $WIF!
The whale created a new wallet and withdrew 1.83M $USDC from #Coinbase to buy $WIF.
So far, he has spent 606K $USDC to buy 227,896 $WIF at $2.66, with 1.22M $USDC left.
The purchase is in progress.https://t.co/zx87XThnnR pic.twitter.com/ygP8em3dAu
— Lookonchain (@lookonchain) May 20, 2024
$WIF Potential And Price Action To Monitor
This substantial investment by a single entity indicates strong confidence in $WIF’s potential, which could be a catalyst for further price increases. Whale activities often signal to other investors that a particular asset is worth considering, thereby influencing market sentiment and trading behaviors.
Despite the recent downturn, the current influx of capital into $WIF by this whale suggests a positive outlook for the cryptocurrency. If the whale continues to purchase $WIF with the remaining $USDC, it could provide further upward pressure on the price.
In summary, Dogwifhat’s recent price movements highlight the impact of whale activity on market dynamics. The significant purchase by this whale not only halted the decline but also contributed to a 10% price increase, showcasing the influential role of large investors in the cryptocurrency market. As the whale continues its buying spree, the market will be watching closely to see if this trend sustains and propels $WIF to new highs.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: peshkov/123RF // Image Effects by Colorcinch