dogwifhat

Solana

Bonk

Read

A smart whale investor in the crypto market is currently making headlines following sales of 539,558 dogwifhat (WIF) meme tokens. This move follows an 8% increase in the Open Interest of dogwifhat amid a highly volatile market trend.
<h2 id="strong-dogwifhat-whale-bags-huge-selloff-profit-strong">dogwifhat Whale Bags Huge Selloff Profit</h2>
According to on-chain analytical platform Lookonchain, the whale investors sold all 539,558 WIF at a price of $3.7 per token. From this sale, a total of 11,708 Solana (SOL) was secured placing the value at about $2 million. With this recent transaction, the whale investor now has $24.1 million profits from WIF. This profit, while notable, also represents the whale’s conviction in the future potential of the memecoin.
<blockquote class="twitter-tweet">
 The smart money sold all 539,558 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> for 11,708 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($2M) at a price of $3.7 10 mins ago.
 He has realized profits of $24.1M on <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>, $11M on <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24boden&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$boden</a> and $6.28M on <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24BONK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BONK</a>.<a rel="noopener noreferrer nofollow" href="https://t.co/Lyp0BVyhKO">https://t.co/Lyp0BVyhKO</a> <a rel="noopener noreferrer nofollow" href="https://t.co/MfcjCsVBfj">pic.twitter.com/MfcjCsVBfj</a>
 — Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1795456665447518531?ref_src=twsrc%5Etfw">May 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
It is worth noting that the whale transaction coincides with a recent uptick in WIF’s Open Interest (OI). Within the last 24 hours, OI increased by 14.7% to $421.7 million, according to Coinalyze <a rel="noopener noreferrer nofollow" href="https://coinalyze.net/dogwifhat/open-interest/">data</a>. WIF trading on <a href="https://coingape.com/binance-list-this-crypto-multiple-pairs-but-there-a-condition/" rel="noopener noreferrer nofollow">Binance</a> recorded the highest OI with $256 million, while Bybit came second with $134.5 million.
Notably, OI refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract. A growing OI indicates bullish momentum in the market as leverage traders open more contracts in anticipation of price movement.
<h2 id="strong-wif-ranks-among-top-cryptocurrencies-strong">WIF Ranks Among Top Cryptocurrencies</h2>
WIF has pushed itself into the top 20 cryptocurrency by market capitalization only a year after its release. At the time of this writing, the WIF ranks number 29 in the market cap hierarchy, trading at $3.57, representing an increase of 8.7% in the past day. The market capitalization stands at $3.5 billion, while trading volume is $1.4 billion.
Apart from WIF, Dogecoin (<a href="https://coingape.com/dogecoin-price-braces-for-rally-to-0-32-as-whales-scoop-10b-doge/" rel="noopener noreferrer nofollow">DOGE</a>) and Bonk (BONK)&nbsp; also made it to the top 10 in OI. However, Bitcoin (BTC) is leading the chart with $11.1 billion in OI, followed by Ethereum (ETH) with $9.15 billion.
The recent rise in OI for memecoins comes from its bullish momentum over the past couple of weeks when WIF reached a new multi-week high above $3.30. Amidst these trend, PEPE soared to a new All-Time High (ATH) of $0.00001718, underscoring the growing competition in the memecoin world.
Read More: <a href="https://coingape.com/ethereum-founder-vitalik-buterin-venture-capitalists-hinder-ai-progress/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Founder Vitalik Buterin: Venture Capitalists Hinder AI Progress</a>
The post <a href="https://coingape.com/dogwifhat-whale-sells-539558-wif-as-open-interest-tops-8/" rel="noopener noreferrer nofollow">dogwifhat Whale Sells 539,558 WIF As Open Interest Tops 8%</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

dogwifhat Whale Sells 539,558 WIF As Open Interest Tops 8%

Table of Contents

Coingape News Media

Other articles published on May 28, 2024

Ripple Faces Speculation and Whale Transfers

Trader Loses Over $1 Million in Normie Memecoin Exploit Amid Volatile Market

XRP Whale Offloads 28M Coins Despite Optimism For $1 Run Ahead, What’s Happening?

Yuga Labs Sets To Launch Its Super Punk World NFT Airdrop This Week

Notcoin (NOT) Price Surges 37% Within 2 Weeks of Launch

Solana (SOL) Eyes a Strong Comeback: Will the Rally Ignite a Surge?

Join our free newsletter for daily crypto updates!