- The initial investor who made $8 million on dogwifhat is back for more WIFs.
- dogwifhat has over $1.2 billion in daily trading volume in the derivatives market.
- A chart analyst examines the potential for a bullish pennant on WIF’s 4-hour chart.
The Solana meme coin craze has made an unexpected comeback after being quiet for a while. A massive shift in investor sentiment was discovered by popular cryptocurrency whale tracking agency LookOnChain, which informed its X audience of an unusually large acquisition of dogwifhat (WIF) in the early hours of Friday, May 10, 2024.
To elaborate, one Solana (SOL) whale traded a whopping 4.2 million of the popular stablecoin USD Coin (USDC) for 1.4 million Dogwifhat (WIF) tokens at an average price of $2.99. Digging deeper into the whale wallets involved, DailyCoin discovered that WIF is currently the second largest holding in the whale portfolio.
Interestingly, Dogwifhat (WIF) stands out as the only meme coin in Whale’s cryptocurrency portfolio listed on a centralized cryptocurrency exchange (CEX). Unlike other holding coins such as GEN, Pepe On Fire, and Boxxy Coin, WIF is the only major meme coin currently boasting a global market capitalization of $3,168,454,299.
Bullish pennant to save WIF from bears?
After the giant whale acquired 1.4 million dogwifhat (WIF), cryptocurrency analysts believe this is a sign of an early investor return to Solana’s pink-hatted dog cryptocurrency. According to LookOnChain, Solana whales previously made an early entry into dogwifhat, generating a whopping $8 million in revenue.
Returning a massive 206,014% return since the meme coin was launched five months ago, WIF soared to $4.83 on March 31, 2024. However, this milestone creates a bittersweet feeling among X’s cryptocurrency investors, as many have achieved their $5 price target. This marks an important milestone in the long-term growth of dogwifehat.
Sure, dogwifhat is down 33.6% from its all-time high, but today’s 12% gain is a breath of fresh air for WIF holders. To illustrate, cryptocurrency analyst YG Crypto has spotted a bullish pennant for dogwifhat (WIF) on the 4-hour technical chart. This pattern typically suggests a double-digit breakout if WIF ends the day above its upper trendline, shown in blue.
In this case, trader YG Crypto predicts a 50% rise in WIF, which could be enough to hit dogwifhat’s long-term price target of $5. After being rejected out of its price range back in April, dogwifhat’s early investor support could serve as a game-changer for the emerging meme coin. As of press time, #39 Dogwifhat is priced at $3.17, according to CoinGecko.
On the flipside
- dogwifhat (WIF) ended March 2024 as the third-largest meme coin by global market capitalization, but rival meme coin Pepe (PEPE) soon surpassed WIF due to deeper spot liquidity.
- However, Dogwifhat recently regained its dominance in the derivatives market, with its futures trading volume increasing 15% to over $1.24 billion in the last 24 hours.
Why This Matters
According to Dune Analytics, the meme coin division has achieved 315% year-over-year profit growth, outperforming other strong narrative crypto sectors such as artificial intelligence (AI) and real-world assets (RWA).
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