The price of Dogwifhat (WIF) has seen a significant decline following a large sell-off. On Friday, a whale investor sold 850,000 WIF tokens, leading to a price drop of over 15% in just one day.
Whale's Sale Impacts the Market
According to blockchain analytics platform Lookonchain, during the transaction on November 15, the whale sold 850,000 WIF tokens for 15,987 SOL. Despite this sale, the whale still retains 50,000 WIF tokens in their wallet. This large sale undermined investor confidence, raising concerns across the market.
Activity in Other Tokens
The same whale has also made significant profits from another Solana-based token, PNUT, purchasing 1.74 million PNUT for 3,800 SOL, potentially earning $2.07 million in profit. The whale’s portfolio also includes tokens like GIGACHAD (GIGA) and Chaos and Disorder (CHAOS). WIF's market price fell by 16% to $3.54 in the last 24 hours, with trading volume decreasing by 48% to $1.99 billion.
Potential for Market Recovery
Market experts believe there could be a recovery in the cryptocurrency market in the fourth quarter of the year, particularly due to the impact of the U.S. election results. CoinGape Media predicts that WIF could reach a new peak.
Despite significant sell-offs, the market continues to monitor WIF's potential. Investors should be cautious and closely follow market movements.
