According to Lookonchain data, the meme coin WIF market experienced a panic selling wave on April 14. Four major wallet holders, often referred to as “whales,” have collectively offloaded a significant amount of WIF tokens following the market downturn. This sudden sale, totaling 5.68 million WIF (approximately US$12.41 million), raised concerns about investor confidence and the short-term stability of the WIF price. Here are the details…
Traders were shaken by the sale of the WIF meme coin project
Cryptocurrency markets were shaken on April 14 when 4 major investors, also known as “whales,” sold a significant amount of WIF tokens. This sudden sell-off led to a significant drop in the price of WIF and shook investors’ confidence. The data reveals a breakdown of individual whale transactions. The address starting with “9WHHoq” was the most aggressive seller, selling 3.12 million WIFs for a total of 7.34 million USDC (USD Coins). This translates into an average selling price of $2.35 per WIF, potentially indicating a willingness to accept losses to exit the market quickly.
It was followed immediately by the “BdvbXr” address, which sold 1.016 million WIFs for 1.9 million USDC. This transaction reflects a lower average ask price of $1.90 per WIF, indicating a similar sense of urgency to exit the position. Addresses “85Abtu” and “DpJGh2” also contributed to the selling pressure by reducing the load of 905,074 WIF and 641,598 WIF respectively. These transactions were executed at average prices of $2.08 and $1.97 per WIF, further highlighting the potential for short-term price volatility.
What do whales sell?
The reasons behind the whales’ coordinated selling spree remain unclear. However, it likely coincides with a broader market correction in the cryptocurrency space. Major cryptocurrencies such as Bitcoin and Ethereum have seen a decline in value in recent days, which has triggered a similar price movement in WIF. cryptokoin.com As we reported, Bitcoin fell by nearly 8% following Iran’s unprecedented drone and missile attack on Israel. According to a recent Bloomberg report, Bitcoin’s decline marked the biggest decline since March 2023.
Iran’s move came in retaliation for a deadly attack in Syria in which senior Iranian officers were killed. With the latest attack, the long-running regional war has moved to another dangerous phase. Iran reportedly launched 170 drones, more than 30 cruise missiles, and more than 120 ballistic missiles at Israel. As a result, Bitcoin fell below $62,000, marking a steep decline of 7.7%. Not only Bitcoin but also other major cryptocurrencies were affected by the Iran-Israel war. While Ethereum dropped by 7%, Binance Coin dropped by 9%. Meanwhile, Solana recorded a significant drop of 12% in 24 hours and over 22% in 7 days.
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