The meme coin Dogwifhat (WIF), which is based on the Solana blockchain, has been gaining significant traction in the crypto industry recently. Over the past week, WIF has seen a remarkable price surge of 43%, jumping from $1.62 to $2.27. This surge in price has attracted the attention of investors and whales alike, signaling potential for further upside momentum.
One notable development that has caught the eye of many in the crypto community is a large purchase made by the biggest holder of WIF on September 26, 2024. This whale acquired 894,854 WIF tokens for $2 million at an average price of $2.24, as reported by Lookonchain. This significant investment indicates confidence in the meme coin’s future prospects, despite the recent price surge.
In addition to this recent purchase, the same WIF holder also bought over $4.2 million worth of WIF at an average price of $1.76 on September 20, 2024. With these acquisitions, the whale now holds a substantial 32.1 million WIF tokens valued at $71 million, with an unrealized profit exceeding $86 million.
In terms of technical analysis, WIF is currently facing resistance around the $2.3 level. CoinPedia’s analysis suggests that a slight price correction may be on the cards before the token makes another bullish move. If WIF manages to close above the $2.4 level, there is a strong possibility of a 20% surge towards the $2.85 level in the near future.
As of now, WIF is trading around $2.20, experiencing a 9% increase in price over the past 24 hours. The trading volume has also risen by 18%, indicating growing trader interest as the token approaches the resistance level.
Overall, the market sentiment towards WIF is bullish, with whales showing a strong appetite for the token. If the current momentum continues, WIF could break through the resistance level and continue its upward trajectory in the coming days. Investors and traders are closely monitoring the price action of WIF for potential trading opportunities in the fast-paced crypto market.