The largest holder of Dogwifhat (WIF) is increasing their positions in this meme coin, despite recent fluctuations in market interest.
Strategic Accumulation
According to Lookonchain, a few days ago, this investor put 21.9 million WIF into the Kamino platform, worth approximately $35.48 million. They also borrowed 3.24 million USDC and used 2.7 million to buy around 1.8 million additional WIF tokens. This demonstrates their persistent commitment to increasing their assets.
Previous Major Transactions
Between December 13 and 15, 2023, this investor spent $226,000 to purchase 19.86 million WIF at a price of $0.0114 per token. Following this transaction, they registered the domain 'binance-insider.sol' and purchased further 17.23 million WIF, spending 86,738 SOL or $8.92 million. These actions increased their total WIF holdings to a remarkable 27.2 million tokens, now valued at $44.36 million. As a result of these strategic purchases, the investor's profit has reached almost $68 million.
Market Impact
Previously, Dogwifhat (WIF) faced significant challenges, including a drop in social engagement and investor interest. In August, WIF tokens started to be liquidated, leading to a price decrease and a deterioration in investor sentiment. However, recent days have seen a gradual increase in interest and confidence in the token, which may represent a turning point. Considering a recent prediction by a prominent analyst that promises a rise in Dogwifhat's value to $3, optimism is growing among investors.
WIF is currently trading at $1.83, up 13.66% over the last 24 hours, with a daily trading volume of $517.30 million. Although the token lags behind POPCAT, which leads with a surge of over 28% in the same period, both tokens continue to dominate the meme coin market.
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