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<p>The post <a href="https://coinpedia.org/news/solana-memecoin-explosion-why-wif-price-is-skyrocketing-now/">Solana Memecoin Explosion: Why WIF Price is Skyrocketing Now!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The meme coin industry, led by Dogecoin (DOGE), is currently valued at about $40 billion, with a daily average traded volume of around $3.14 billion. The Solana (SOL) network remains a top-performing layer one (L1) chain, heavily influenced by its meme coin ecosystem led by dogwifhat (WIF), and Bonk (BONK).&nbsp;</p> 
<p>According to the latest crypto data, the Solana-based meme coins have a total market cap of about $6.4 billion and a daily average traded volume of about $1.3 billion.</p> 
<h2 class="wp-block-heading" id="h-dogwifhat-whales-increases-appetite">Dogwifhat Whales Increases Appetite&nbsp;</h2> 
<p>The recent approval of two spot Solana ETFs in Brazil has set the stage right for further mainstream adoption of SOL-based projects. Furthermore, an altseason is anticipated on the horizon as the Bitcoin dominance continues to form a macro bearish reversal pattern.&nbsp;</p> 
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   <p lang="en" dir="ltr">The largest holder of <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>, with over $68M in profit, is buying more and going long on <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>!<br><br>In the past 3 days, he deposited 21.9M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($35.48M) into <a href="https://twitter.com/hashtag/Kamino?src=hash&amp;ref_src=twsrc%5Etfw">#Kamino</a> and borrowed 3.24M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a>, then spent 2.7M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> to buy ~1.8M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>!<br><br>This whale spent $226K to buy 19.86M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> at only… <a href="https://t.co/4iXzJPlT8s">pic.twitter.com/4iXzJPlT8s</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1826886333266362414?ref_src=twsrc%5Etfw">August 23, 2024</a>
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<p>According to on-chain data analysis provided by Lookonchain, the largest holder of WIF, with a holding of 27.2 million units worth over $44 million, has begun to accumulate more coins.&nbsp;</p> 
<p>In the last three days, the whale has taken a USDC loan of 3.24 million using WIF as collateral and used the funds to make more purchases.</p> 
<h2 class="wp-block-heading" id="h-wif-price-preps-imminent-bullish-reversal-nbsp">WIF Price Preps Imminent Bullish Reversal&nbsp;</h2> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> on <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a><br><br>Playing out this macro bullish wedge<br><br>Breakout in the coming months. <br><br>Watching for long opportunities. <a href="https://t.co/K9zk1F9aXM">pic.twitter.com/K9zk1F9aXM</a></p>— Greeny 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e6-1f1fa.png" alt="🇦🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@greenytrades) <a href="https://twitter.com/greenytrades/status/1826902195238789238?ref_src=twsrc%5Etfw">August 23, 2024</a>
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<p>As it stands with the rest of the crypto market led by Bitcoin (BTC), WIF price has been bleeding for the past five months. The mid-cap meme coin, with a fully diluted valuation of about $1.6 billion and a daily average traded volume of around $440 million, has been forming a falling wedge, which is often followed by a major bullish uproar.</p> 
<p>From a technical standpoint, the WIF price against the US dollar must regain the 50-day Moving Average (MA) as a support level to invalidate further bleeding ahead.</p>

Solana Memecoin Explosion: Why WIF Price is Skyrocketing Now!

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