Dogwifhat (WIF), a Solana-based meme coin, has captured significant attention in the crypto space with its impressive recent performance. Surging over 45%, WIF has not only rallied in value but also caught the eye of whales, who are making major investments, signaling potential for more upward movement.
Whale Makes $2 Million WIF Investment
On September 26, 2024, on-chain analytics firm Lookonchain revealed that a whale made a major purchase of 894,854 WIF tokens, worth $2 million. This wasn’t the whale’s first investment in the meme coin. Just days earlier, on September 20, the same whale had accumulated over 2.55 million WIF tokens valued at $4.5 million.
With these latest acquisitions, this investor now holds a massive 32.1 million WIF tokens, currently worth around $71 million. The whale’s holdings have yielded an unrealized profit of over $86 million, showcasing the immense gains seen in this rising meme coin.
WIF Eyeing Breakout at Crucial Resistance Level
WIF’s surge in value and strong whale activity come as the meme coin approaches a significant resistance level at $2.35. Analysts believe this price level could trigger a further rally if breached, with predictions suggesting a potential 20% price increase, bringing WIF close to $2.9.
Technical analysis supports this bullish sentiment. WIF is trading above the 200-day Exponential Moving Average (EMA) on the daily timeframe, reinforcing its current uptrend. If the token can close above $2.37, a breakout may be imminent.
WIF’s outlook remains bright, with several key on-chain metrics pointing to continued upward momentum. According to Coinglass, the WIF Long/Short ratio has hit 1.067, its highest level since August 2024, indicating a strong bullish bias among traders. Furthermore, the token’s Futures Open Interest has spiked 14.5%, a sign that traders are building long positions, expecting further price increases.
The token’s 24-hour trading volume also surged by 17%, highlighting growing participation as WIF edges closer to its breakout. As of the time of writing, WIF is trading near $2.33, marking an 8.9% rise in the past 24 hours alone.
Also Read: Dogwifhat (WIF) Surges 10% To $2.33, Market Cap Tops $2B Amid Slow Holder Growth – Is $3 Next?
Market Sentiment and Future Outlook
WIF’s combination of whale activity, bullish technical signals, and strong on-chain metrics suggests that the meme coin could continue its upward trajectory. The $2.35 resistance level will be a critical test in the coming days, but with whales making multi-million dollar investments, the stage is set for Dogwifhat to capture even more attention in the market.
For now, traders are watching closely as WIF inches closer to a potential breakout. If the momentum holds, this Solana-based meme coin could become one of the biggest winners in the meme coin space this year.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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