Since July 2024, the popular Solana-based meme coin Dogwifhat (WIF) has experienced a price decline of over 43%. Amid this notable drop, today, on August 23, 2024, the largest WIF holder purchased a significant 1.8 million tokens worth $2.7 million.
Largest WIF Purchase
In a post on X (previously Twitter), the on-chain analytic firm lookonchain shared that the whale has deposited nearly 21.9 million WIF tokens worth $35.48 million into Kamino and borrowed 3.24 million USDC, which was later used to buy 1.8 million WIF tokens. With this purchase, the largest WIF holder now owns a substantial 27.2 million tokens worth $44.36 million, with a total profit of over $68 million. Lookonchain data shows this whale holds over 19.86 million WIF tokens when it was trading near $0.0114. However, the current purchase indicates a potential upside rally in the coming days.
WIF Price Prediction for August 2024
Based on WIF’s daily chart, the whale purchased these substantial tokens following the breakout of the descending trendline and during the formation of a bullish double-bottom price action pattern. According to expert technical analysis, WIF looks bullish due to the recent breakout and price action pattern. Following this breakout, there is a high chance WIF could soar by 75% to the $2.84 level. Before that, WIF could initially reach $2 and $2.5 levels based on historical price momentum.
Rising Open Interest and WIF Price Analysis
As of now, WIF’s open interest has jumped by over 2% in the last 24 hours and is gradually rising, according to the on-chain analytic firm CoinGlass. This rise of open interest hints at growing interest from traders and investors. At press time, WIF is trading near $1.63 and has experienced a price surge of a decent 0.75% in the last 24 hours. Meanwhile, its trading volume has dropped by 30% during the same period, indicating lower participation from traders amid bearish market sentiment.
Events related to large token purchases and rising open interest create expectations for possible future price growth of WIF. Analysts predict a potential rally, which may attract additional attention to the token.
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