Dogwifhat (WIF), a meme coin on the Solana blockchain, has sparked significant optimism this week after a high-profile smart trader accumulated nearly $16 million worth of the token from Binance. On-chain data reveals that this trader, known for strategic buys and profitable sells, could be setting the stage for another potential price surge for WIF. The token experienced a 4% price uptick, reflecting heightened investor interest following the substantial accumulation.
Whale Investor Buys Big On Dogwifhat
According to Lookonchain, a well-known blockchain analytics platform, a trader with the address D2Noa amassed 6.9 million WIF, equivalent to $15.87 million, directly from Binance on November 9. This particular whale has previously shown a knack for timing the market, having sold $15 million worth of WIF for a remarkable $8 million profit during a past trade. This accumulation has further fueled bullish sentiment around WIF, with analysts watching closely to see if history might repeat itself.
Data from Solscan adds more detail, showing that this trader’s portfolio is almost entirely composed of WIF, with minimal exposure to other smaller assets. This level of focus has fueled community discussions about the trader’s conviction in WIF’s long-term potential, lending even more weight to the recent accumulation.
Price Surge and Market Outlook
Following the whale’s significant purchase, WIF traded up nearly 4% over the past 24 hours, reaching a price of $2.44. Its intraday price ranged from a low of $2.21 to a high of $2.50, highlighting a consistent uptrend. This price rally aligns with the increased buying pressure catalyzed by the whale’s accumulation, and WIF’s 24-hour trading volume also rose by 4%, hitting $2.44 billion.
Market watchers are growing optimistic about the token’s future trajectory. Influential crypto analyst Justin Bennett shared on social media platform X (formerly Twitter) that if WIF maintains a price above $2.30, it could realistically target $2.90 in the near term. Ali Martinez, another respected analyst, echoed this sentiment, noting that WIF seems to be forming a “bull flag” pattern. This bullish indicator suggests the possibility of a 20% price increase, positioning the meme token for a potential breakout.
WIF’s Path Forward: Bull Run on the Horizon?
The recent accumulation by a seasoned smart trader has driven substantial market confidence, sparking predictions of a further price rally for Dogwifhat. Given WIF’s growing popularity and increased volume on Solana, some investors believe it could become a leading meme token. Analysts will be closely monitoring on-chain data, whale activity, and technical indicators to gauge WIF’s trajectory in the weeks ahead.
In summary, Dogwifhat’s recent price action and strong whale support underscore a positive outlook. With trading volume and social buzz climbing, WIF is positioning itself as one of the top meme coins on the Solana network, potentially primed for a significant bull run.
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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