Ethereum

The overall cryptocurrency market is experiencing massive <a href="https://news.todayq.com/will-bitcoin-hold-200-ema-or-hit-the-53000-level/" rel="noopener noreferrer nofollow">selling pressure</a>, with Bitcoin (BTC) and Ethereum (ETH) each sinking more than 6%. Amidst this downturn, on July 4, 2024, an on-chain analytic firm lookonchain made a post on X stating that a whale dumped a massive 900K dogwifhat (WIF) tokens worth $1.64 million onto Bybit.&nbsp;
Besides this massive deposit, this whale still holds 974K WIF tokens worth $1.76 million, as per the lookonchain report.
The price of Whale dumps $1.65 million worth of WIF token&nbsp; 
Following this massive sell-off, Solana-based WIF experienced a price fall of over 14%. Meanwhile, other Solana-based meme coins including Bonk (BONK), Book of Meme (BOME), and Cat in a Dogs World (MEW) also plunged significantly, according to coinmarketcap. In the last 24 hours, BONK, BOME, and MEW experienced a price drop of 9%, 8.5%, and 12% respectively.&nbsp;
The reason behind this massive price drop in Solana-based meme coins is the current market sentiment and the massive price drop in Solana (SOL). Today, SOL has lost over 8% of its value. Additionally, other contributing factors to this price fall are the postponement of the spot Ethereum ETF by the US SEC and the update on Mt. Gox BTC repayments.&nbsp;
At the time of writing, WIF is moving near the $1.8 level and it experienced a 13% price drop. Whereas, the 24-hour trading volume also significantly surged by 101% to $618 million signaling a notable participation amongst the traders and investors.&nbsp;
If we look at the performance of WIF over a longer period, in the last 7 days, despite this massive price drop it only lost 12% of gains. Whereas, in the last 30 days WIF is down by over 44% and its price has fallen from $3.55 to $1.8 level. WIF technical analysis and key levels 
According to expert technical analysis, despite the massive fall WIF is looking bullish making a reversal from an import support level of $1.65. However, WIF is bullish until it gives a breakdown of this support level and daily candle closing below the $1.55 level. If WIF fails to sustain this $1.55 level then there is a possibility of a massive sell-off and the price may fall to the $0.90 level.
As of now, the market is in bearish sentiment, and in the last 24 hours, the open interest (OI) of WIF has dropped nearly by 10% signaling a lack of investors’ and traders’ interest and confidence.

Dogwifhat (WIF) open interest plunges 10%, Bearish sign or what?

Todayq News

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