Key Points
- The top holder of $WIF buys more tokens: their number rises by 2.3M.
- The total investment value is nearly $50M now.
- After a YTD growth of 1,200%, the price for $WIF dropped by 46%.
- The analyst expects further dumps before a bounce.
The biggest holder of Dogwifhat ($WIF), a Solana-based meme cryptocurrency, has made another major bet that surprised the crypto community. With this move, the investor used 4.65 million USDC tokens to purchase an additional 2.3 million WIF tokens at about $2.
Based on Lookonchain’s analysis, this whale now owns around 23.39 million WIFs worth nearly $50 million. Importantly, this investor has already made some $83m in profits from WIF.
A Strategic Move Amidst a Price Slump
This huge buy happened even though digital gold plunged by approximately 46% over the last month. The drop was after an astonishing rise of +1,200% YTD that saw it briefly slip out of the top fifty cryptocurrencies and touch down at below$1.5 per token.
It was presently trading at around $2.01, which is far much lower than its ATH earlier this year at about$5. The crash in price began after an influential crypto analyst warned that there would be further drops before any possible recovery.
The largest holder of $WIF spent 4.65M $USDC to buy 2.3M $WIF at $2.03 8 hours ago!
He currently holds 23.39M $WIF($49.6M), with a profit of ~$83M on $WIF!
He is also the one who spent 86,738.1 $SOL($8.65M) to buy 17.22M $WIF in one trade.
Address:https://t.co/5fd4VETnts… pic.twitter.com/EHbdZVBHl9
— Lookonchain (@lookonchain) June 26, 2024
Analyst Insights and Future Projections
Altcoin Sherpa who is well well-known pseudonymous analyst weighed in on technical levels of WIF suggesting could bounce but also noting these prices might not be bottom. He expects prices may decrease further before stabilizing and then rebounding again.
Despite recent volatility, the incredible rise of WIF cannot fail to grab attention. Earlier this year a single trader turned a less than $2000 investment in WIF into over $10.9 Million in only 3 months.
This latest move by the biggest holder of WIF shows how high stakes are in digital currencies. As WIF continues with its price corrections, the major holders’ moves and analysts’ forecasts will be closely followed by crypto fans.
