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<p>The post <a href="https://coinpedia.org/news/wifs-largest-holder-makes-2-7m-purchase-bullish-reversal-imminent/" rel="noopener noreferrer nofollow">WIF’s Largest Holder Makes $2.7M Purchase, Bullish Reversal Imminent?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Since July 2024, the popular Solana-based meme coin Dogwifhat (WIF) has experienced a price decline of over 43%. Amid this notable drop, today, on August 23, 2024, the largest dogwifhat (WIF) holder purchased a significant 1.8 million tokens worth $2.7 million.</p>
<h2 class="wp-block-heading" id="h-wif-largest-holder-buys-1-8-million-wif-tokens"><strong>WIF Largest Holder Buys 1.8 Million WIF Tokens</strong></h2>
<p>In a post on X (previously Twitter), the on-chain analytic firm lookonchain shared that the whale has deposited nearly 21.9 million WIF tokens worth $35.48 million into Kamino and borrowed 3.24 million USDC, which was later used to buy 1.8 million WIF tokens.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The largest holder of <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a>, with over $68M in profit, is buying more and going long on <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$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" rel="noopener noreferrer nofollow">$WIF</a>($35.48M) into <a href="https://twitter.com/hashtag/Kamino?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kamino</a> and borrowed 3.24M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a>, then spent 2.7M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> to buy ~1.8M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a>!<br><br>This whale spent $226K to buy 19.86M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a> at only… <a href="https://t.co/4iXzJPlT8s" rel="noopener noreferrer nofollow">pic.twitter.com/4iXzJPlT8s</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1826886333266362414?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 23, 2024</a>
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<p>With the recent purchase, the largest WIF holder now owns a substantial 27.2 million tokens worth $44.36 million, with a total profit of over $68 million. Lookonchain, data shows this whale holds over 19.86 million WIF tokens when it was trading near $0.0114. However, the current purchase indicates a potential upside rally in the coming days.&nbsp;</p>
<h2 class="wp-block-heading" id="h-wif-price-prediction-for-august-2024"><strong>WIF Price Prediction for August 2024</strong></h2>
<p>Based on WIF’s daily chart, the whale purchased these substantial tokens following the breakout of the descending trendline and during the formation of a bullish double-bottom price action pattern.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-1024x448.png" alt="" class="wp-image-342087" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/23191619/WIFUSDT_2024-08-23_19-16-07.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>According to expert technical analysis, WIF looks bullish due to the recent <a href="https://coinpedia.org/price-analysis/breakout-alert-dogwifhat-price-set-to-skyrocket/" rel="noopener noreferrer nofollow">breakout</a> and price action pattern. Following this breakout, there is a high chance WIF could soar by 75% to the $2.84 level. Before that, WIF could initially reach $2 and $2.5 levels based on the historical price momentum.&nbsp;</p>
<h2 class="wp-block-heading" id="h-wif-s-rising-open-interest-and-price-analysis"><strong>WIF’s Rising Open Interest and Price Analysis</strong></h2>
<p>As of now, WIF’s <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener noreferrer nofollow">open interest</a> has jumped by over 2% in the last 24 hours and is gradually rising, according to the on-chain analytic firm CoinGlass. This rise of open interest hints at growing interest from traders and investors.&nbsp;</p>
<p>At press time, WIF is trading near $1.63 and has experienced a price surge of a decent 0.75% in the last 24 hours. Meanwhile, its trading volume has dropped by 30% during the same period, indicating lower participation from traders amid bearish market sentiment.</p>

WIF’s Largest Holder Makes $2.7M Purchase, Bullish Reversal Imminent?

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