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<p>The post <a href="https://coinpedia.org/price-analysis/dogwifhat-wif-could-fall-to-1-heres-why/">Dogwifhat (WIF) could fall to $1, Here’s why</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>At current the overall market appears a solid bearish, as top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced price falls of over 5.5%, 5.2%, and 10% respectively, in the last 24 hours. Amid this selling pressure, whale sell-off a significant 14.53 million of <a href="https://coinpedia.org/news/arthur-hayes-believes-dogwifhat-wif-price-is-about-to-hit-10/">dogwifhat (WIF)</a> tokens, as reported by an on-chain analytic firm Lookonchain.</p> 
<h2 class="wp-block-heading" id="h-whale-dumps-24-million-of-wif-tokens-nbsp"><strong>Whale dumps $24 million of WIF tokens&nbsp;</strong></h2> 
<p>Today, on August 3, 2024, Lookonchain made a post on X (previously Twitter) stating that nearly five wallets that potentially belong to the same individual have dumped over $24 million worth of WIF tokens. However, this massive sell-off comes following the breakdown of a crucial support level of $157 in Solana.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">5 wallets(may belong to the same person) sold 14.53M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($24M) 7 hours ago!<br><br>Incredibly, this guy bought 14.53M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> on Nov 30, 2023, and the cost was only $5,340!<br><br>He got a 4,497x return!<br><br>If he sold at the highest price, he would have made a profit of more than $69M, a 12,927x… <a href="https://t.co/Of1kpEwOze">pic.twitter.com/Of1kpEwOze</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1819585512501661794?ref_src=twsrc%5Etfw">August 3, 2024</a>
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<p>Additionally, with this sell-off whale has made a return of over 4,500x in less than a year. According to Lookonchain, this whale has purchased this notable 14.53 million for $5,340.</p> 
<p>As of writing, WIF is trading near $1.71 and has experienced over 12% downside momentum in the last 24 hours. Additionally, WIF’s open interest (OI) has also dropped by 5.5% during the same period, which signals lower interest from the crypto community amid this bearish outlook.</p> 
<h2 class="wp-block-heading" id="h-wif-technical-analysis-and-key-levels"><strong>WIF technical analysis and key levels</strong></h2> 
<p>According to expert technical analysis, WIF looks bearish and may fall another 15% and reach the $1.4 level, in the coming days. However, this level will act as a crucial support level for WIF. Meanwhile, if WIF further fails to maintain this $1.4 level, then it could experience more selling pressure to $0.90.</p> 
<p>As of now, the major liquidation levels come near $1.58 on the lower level and $1.76 on the upper side, according to CoinGlass data. If WIF continues to fall and hit the $1.58 level, nearly $6 million of the long position will be liquidated. Conversely, if WIF experiences upside momentum and hits the $1.76 level, nearly $6 million of long will be liquidated.</p>

Dogwifhat (WIF) could fall to $1, Here’s why

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