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<p>The post <a href="https://coinpedia.org/news/biggest-dogwifhat-whale-with-68m-in-profits-doubling-down-on-wif/">Biggest Dogwifhat Whale with $68M in Profits Doubling Down on WIF</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market is heating up, and Memecoins are leading the charge. Among them, <a href="https://coinpedia.org/price-analysis/breakout-alert-dogwifhat-price-set-to-skyrocket/" target="_blank" rel="noreferrer noopener">Dogwifhat (WIF)</a> is standing out with an impressive price rally. Over the past week, WIF has surged by 17.69%, catching the attention of many investors.</p> 
<p>What’s even more intriguing is the move by the largest Dogwifhat (WIF) holder. This major player, who has already earned over $68 million in profits, is now doubling down on its investment.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-recent-investments-in-kamino-and-wif"><strong>Recent Investments in Kamino and WIF</strong></h3> 
<p>As per Lookonchain, in the past three days, the largest holder of WIF deposited 21.9 million WIF tokens, worth approximately $35.48 million, into the Kamino platform. Following this, the whale borrowed 3.24 million USDC and used 2.7 million USDC to purchase around 1.8 million more WIF tokens. This action indicates a strong belief in the token’s future performance.</p> 
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   <p lang="en" dir="ltr">The largest holder of <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$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>This whale’s history with WIF shows a pattern of strategic buying. Between December 13 and 15, 2023, the investor spent $226,000 to acquire 19.86 million WIF tokens at a mere $0.0114 each.&nbsp;</p> 
<p>Additionally, they registered a domain named “binance-insider.sol” and made a single, massive purchase of 17.23 million WIF using 86,738 SOL, valued at $8.92 million.</p> 
<h3 class="wp-block-heading" id="h-whale-current-holdings"><strong>Whale Current Holdings</strong></h3> 
<p>Currently holding 27.2 million <a href="https://coinpedia.org/price-analysis/dogwifhatwif-recovers-after-hit-by-40m-withdrawals-and-increased-short-positions/" target="_blank" rel="noreferrer noopener">WIF tokens</a>, valued at $44.36 million, this whale’s total profit from their WIF investments exceeds $68 million, as reported by Lookonchain.&nbsp;</p> 
<p>Their ongoing accumulation and long position suggest that they anticipate further growth and profitability for WIF, drawing attention from other market participants.</p> 
<h2 class="wp-block-heading" id="h-dogwifhat-wif-price-action">Dogwifhat (WIF) Price Action</h2> 
<p>Looking at the daily price action of Dogwifhat (WIF), the cryptocurrency has found strong support at $1.797 This level is important because WIF has tested it twice and successfully bounced back on the third attempt. However, to push WIF above the $2.3119 level, buyers need to show more interest.&nbsp;</p> 
<p>Meanwhile, data from <a href="https://www.coinglass.com/currencies/WIF" target="_blank" rel="noreferrer noopener nofollow">Coinglass shows</a> that trading volume in derivatives has jumped by 51% to $1.26 billion, with a 22.06% increase in new contracts, adding up to $232.99 million.</p> 
<p>Additionally, data on liquidations reveals that short positions are more dominant than long ones, which suggests a bullish trend. In the short term, shorts have also outperformed longs, with $1.07 million worth of shorts liquidated.</p> 
<p>Read Also: <a href="https://coinpedia.org/price-analysis/must-buy-meme-coins-next-week-as-bitcoin-nears-65k/" target="_blank" rel="noreferrer noopener">Must Buy Meme Coins Next Week As Bitcoin Nears $65K</a></p>

Biggest Dogwifhat Whale with $68M in Profits Doubling Down on WIF

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