The memecoin space is abuzz with the recent activity of a major whale involving the dog-themed token WIF. This whale, the largest holder of WIF, recently purchased 643,832 tokens despite the ongoing market decline.
Major WIF Token Purchase
The largest holder of WIF recently borrowed 1.4 million USDC from Kamino, spending 1 million USDC to purchase 643,832 WIF at $1.55 just six hours ago. The current value of their holdings stands at $44.13 million, with a profit of approximately $65.6 million.
Whale's Purchase History
On August 25, the whale spent 1.54 million USDC to acquire 800,556 WIF at $1.92. On August 23, they deposited 21.9 million WIF ($35.48 million) into Kamino and borrowed 3.24 million USDC, using 2.7 million USDC to purchase 1.8 million WIF. The whale's involvement dates back to December 2023, when they spent $226,000 to buy 19.86 million tokens at $0.0114. Additionally, the whale registered the domain “binance-insider.sol” and spent 86,738 SOL ($8.92 million) to purchase 17.23 million Dogwifhat in a single transaction.
Impact on WIF Price and Market
Currently, WIF is experiencing a 3.4% decline, trading at $1.54, with trading volume down 26%. The token has been under prolonged bearish pressure, hitting a seven-day low of $1.48 yesterday. Over the past week, it has declined by 6.5%, and over the past 30 days, it has dropped 35%. Technical analysis shows the token is entrenched in a bearish trend, with the 9-day EMA at $1.62 and an RSI of 43. It is nearing oversold territory. Key resistance levels lie at $1.77 and $2.05, while continued bearish sentiment could see the token drop to $1.47, with support at $1.29.
The recent activity of the whale has sparked discussions and possible forecasts for the future behavior of the WIF token price. It is essential to closely monitor the whale's further actions and the overall state of the memecoin market.
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