Dogwifhat Rally Imminent? Whale Buys 9.50 Million WIF
Despite the continued decline in prices for Dogwifhat (WIF), the popular Solana-based Meme Coin has attracted significant attention from crypto enthusiasts. Recently, Onchain Lens, the popular blockchain-based transaction tracker, shared an article on X (formerly Twitter) that showed that the newly created wallet withdraws 9.47 million Wif tokens, worth $6.9 million in Binance.
Whale buys 9.5 million Wif Meme coins
Such a large amount of WIF evacuation suggests that the whale may have some knowledge of meme coins, especially as its price continues to drop, this newly created wallet has made such transactions.
$6.6 million Wif outflow
In addition, some long-term holders and investors are also accumulating meme coins, such as Small shop. Data from spot inflow/outflow indicators suggest that the exchange has been witnessing continuous Wif outflows during the last three days of the inflow. However, over the past 48 hours, the outflow of communications was $6.6 million. Meme Coin.
The massive outflow of communications indicates potential accumulation of whales and long-term holders, which suggests they may seize the current market sentiment and price drops to buy a large number of Wif meme coins. After emotional transfer, this accumulation may create potential buying pressure.
Current price motivation
Despite these deals and recent whale activity, the price of Wif remains unchanged. Currently, the meme coins are trading close to $0.72, down more than 8% in the past 24 hours. During the same period, its trading volume fell by 8%, with traders and investors lowering participation rates compared to previous days.
Traders’ strong interest in short-term positions
This bearish market sentiment and sustained price declines have attracted significant interest from traders in short-term positions. At press time, traders in short positions dominate the market.
Data shows that traders holding long-term positions have a high leverage ratio of $0.709 and a length of $1.55 million. Instead, traders holding short positions are placed on leverage at a price of $0.752, holding short positions worth $4.45 million.
This huge position shows that short sellers are using current market sentiment to liquidate long-term positions.
