Dogwifhat (WIF), the fourth largest meme coin by market cap, is on a robust upward trajectory as soon as once more gaining over 12.97% within the final 24 hours. As of press time, the Dogwifhat (WIF) worth is buying and selling at $3.25 with a market cap of $3.240 billion, and is simply in need of overtaking PEPE Coin because the third-largest meme coin out there.
Dogwifhat (WIF) Whale Accumulation
In keeping with insights from Lookonchain, a major transaction occurred 5 hours in the past, with a whale spending 4.2 million USDC to buy 1.4 million WIF tokens at a worth of $2.99. This explicit whale has a historical past of early buying and selling with WIF tokens and has accrued a complete revenue of over $8 million by way of these transactions.
A whale spent 4.2M $USDC to purchase 1.4M $WIF at $2.99 5 hours in the past.
This whale was an early dealer of $WIF and made a complete revenue of greater than $8M on $WIF.https://t.co/UWIt3TBsVQ pic.twitter.com/KYAsIZJ7AG
— Lookonchain (@lookonchain) May 10, 2024
The current Dogwifhat worth surge has spoiled the broader market expectations of a worth drop. Furthermore, the whale has performed a spoilsport making traders flip their heads in direction of bullish expectations.
A Look Into the By-product Market
Buyers within the derivatives markets proceed to inject extra capital into WIF futures contracts for Dogwifhat, fueled by optimism that Solana’s coveted meme coin will resume its upward trajectory within the close to future.
Knowledge from Coinglass exhibits that the open curiosity has surged by 8.6% to $333 million. Rising open curiosity signifies recent capital coming into the market or further investments being made. Which means extra merchants are keen to take lengthy positions on the WIF worth. Inside the previous 48 hours, WIF derivatives merchants have strengthened their positions with over $5 million in capital inflows.
Alternatively, there have been $1.1 million in Dogwifhat liquidations over the previous 24 hours. Of those, $753.5K have been liquidated briefly positions.
Buyers predict the Dogwifhat (WIF) worth rally to proceed if the bulls strike additional. Inspecting potential resistance areas, the higher band Bollinger indicator pinpoints the $3.40 territory because the upcoming vital hurdle. A definitive breakthrough from this resistance cluster might propel the WIF worth above $4, as anticipated.
On the draw back, $2.5 stays a serious assist as of now. Breaking this under can result in bears taking the higher hand.
The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
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