The fourth largest meme coin by market cap dogwifhat (WIF) has once again entered a strong uptrend, gaining over 12.97% in the last 24 hours. At the time of writing, Dogwifhat (WIF) price is trading at $3,240 with a market cap of $3.25 billion. With these, it is very close to overtaking PEPE Coin as the third largest meme coin in the market.
Dogwifhat (WIF) Whale Accumulation
Information from Lookonchain according toAn important transaction took place five hours ago. In this context, one whale spent 4.2 million USDC to buy 1.4 million WIF tokens at a price of $2.99. The whale in question has an early history of trading WIF tokens. Additionally, thanks to these transactions, he made a total profit of over 8 million dollars.
A whale spent 4.2M $USDC to buy 1.4M $WIF at $2.99 5 hours ago.
This whale was an early trader of $WIF and made a total profit of more than $8M on $WIF.https://t.co/UWIt3TBsVQ pic.twitter.com/KYAsIZJ7AG
NEWS CONTINUES BELOW— Lookonchain (@lookonchain) May 10, 2024
Dogwifhat’s latest price increase has disrupted market expectations of a price decline. Moreover, the whale played a spoilsport role, causing investors to turn their heads towards bullish expectations.
A Look at the Derivatives Market
Investors in derivatives markets continue to inject more capital into WIF futures contracts for Dogwifhat. In this context, Solana’s coveted meme is fueled by optimism that the coin will continue its rise in the near future.
Data from Coinglass shows open interest increased 8.6% to $333 million. Increasing open interest indicates that new capital has entered the market or additional investments have been made. This means more investors are willing to take long positions on the WIF price. In the last 48 hours, WIF derivative traders strengthened their positions with capital inflows of over $5 million.
On the other hand, $1.1 million worth of liquidation took place on Dogwifhat in the last 24 hours. Of these, $753.5 thousand were liquidated in short positions.
Investors expect the WIF price rally to continue if the bulls attack further. Examining potential resistance areas, the upper band Bollinger indicator points to the $3.40 area as the major upcoming hurdle. A definitive breakthrough from this resistance cluster is likely to push WIF price above $4 as expected.
On the downside, $2.5 remains an important support as of now. If this breaks below, it is possible that the bears will gain the upper hand.
