While the cryptocurrency market continues to fluctuate, one of the largest projects based in Solana, Dogwifhat (WIF), continues to lead the meme coin industry. Recovering by approximately 9% in the last 24 hours, WIF has gained remarkable momentum in the crypto market.
The price of Bitcoin has increased significantly recently, reaching approximately 62 thousand dollars. This rise managed to suppress the bearish sentiment caused by the recently increasing selling pressure in the crypto market. This increase in Bitcoin’s price also contributed to the recovery of many altcoins and meme coins. However, there is no sign of a full recovery in the overall crypto market yet. One of the main reasons for this is that long-term crypto holders continue to sell their assets.
Despite recovery efforts in the crypto market, the German government and Bitcoin miners continue to sell off their assets, putting heavy pressure on the bullish sentiment in the market. These sales can lead to sudden drops in the price of Bitcoin and uncertainty throughout the market. This selling trend of the German government and Bitcoin miners complicates the recovery process of the crypto market and causes investors to be cautious.
The largest holders of popular meme coins like Shiba Inu (SHIB) and Pepe (PEPE) are busy offloading their assets on different exchanges led by Binance. This situation increases the selling pressure on coins such as SHIB and PEPE, causing fluctuations in prices. This selling tendency of large holders increases the uncertainty in the market as a whole and also shakes the confidence of investors in these coins. However, according to data, there is a different trend in the Dogwifhat (WIF) meme coin.
The largest Dogwifhat owner purchased 2.3 million WIFs worth $4.65 million early Wednesday, according to data provided by Solscan. This acquisition left the largest WIF holder now holding 23.39 million units valued at approximately $49.6 million. The top WIF holder continues to maintain its bullish momentum unabated. However, it should not be forgotten that this whale may pose downward threats if it starts selling.
In summary, WIF’s recent recovery has been noted as a remarkable development in the meme coin industry. However, uncertainties in the overall crypto market and long-term holders continuing to unload their assets warrant caution regarding future market movements. The moves of WIF’s largest owners can play a decisive role in the market and should be watched closely by investors.
You can access current market movements here.
