bullish

2024

Bitcoin

USDC

Dogwifhat price plunged 3.5% to $1.9 on Sunday trading sessions, underperforming in the less volatile weekend. However, the pullback is nominal compared to the early week rally, indicating a cool-off to recuperate the bullish momentum. Thus, the WIF price is poised for renewed recovery amid whale accumulation and open interest spike in future markets. 
<h2 id="span-style-font-weight-400-dogwifhat-price-soars-as-key-investor-acquires-800k-wif-span">Dogwifhat Price Soars as Key Investor Acquires 800K WIF&nbsp;</h2> 
According to the on-chain tracker Lookonchain, the leading holder of Dogwifhat, has significantly increased its stake by purchasing 800,556 WIF tokens for $1.92 each, using 1.54M USDC. This acquisition raised their total holdings to 28 million WIF, with a market value of $53.23 million.&nbsp; 
Additionally, the investor demonstrated aggressive <a href="https://coingape.com/markets/dogwifhat-price-soars-15-on-whale-buys-can-wif-scale-to-5/">buying behavior</a> by depositing $35.48 million worth of WIF into Kamino over the past three days and securing a $3.24 million USDC loan to purchase an additional 1.8 million WIF. 
<blockquote class="twitter-tweet"> 
 The largest holder of <a rel="nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> spent 1.54M <a rel="nofollow" href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> to buy 800,556 <a rel="nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> at $1.92 again! 
 This whale currently holds 28M <a rel="nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($53.23M), and the profit on <a rel="nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> has exceeded $77M!<a rel="nofollow" href="https://t.co/MYA8tsXYpe">https://t.co/MYA8tsXYpe</a> <a rel="nofollow" href="https://t.co/V37j7egQsI">pic.twitter.com/V37j7egQsI</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1827540016102568371?ref_src=twsrc%5Etfw">August 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Such substantial investments by major stakeholders typically exert upward pressure on the asset, contributing to a sustained market recovery. 
The Dogwifhat price currently trades at $1.9, boosting a market cap of $1.9 Billion. 
Additionally, the open interest for WIF in the futures market surged from $192.8 million to $264.1 million within a week, marking a 37% increase, according to <a rel="nofollow" href="https://www.coinglass.com/">Coinglass</a>. This significant growth suggests a rising interest among investors, indicating strong market confidence or speculative activity. 
<figure id="attachment_214003" aria-describedby="caption-attachment-214003" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-214003" src="https://coingape.com/wp-content/uploads/2024/08/download-2.png" alt="WIF coin" width="1530" height="393" srcset="https://coingape.com/wp-content/uploads/2024/08/download-2.png 1530w, https://coingape.com/wp-content/uploads/2024/08/download-2-300x77.png 300w, https://coingape.com/wp-content/uploads/2024/08/download-2-1224x314.png 1224w, https://coingape.com/wp-content/uploads/2024/08/download-2-768x197.png 768w, https://coingape.com/wp-content/uploads/2024/08/download-2-150x39.png 150w" sizes="(max-width: 1530px) 100vw, 1530px">
 <figcaption id="caption-attachment-214003" class="wp-caption-text">
 WIF Open Interest | Coinglass
 </figcaption>
</figure> 
<h2 id="span-style-font-weight-400-wif-price-nearing-a-major-breakout-span">WIF Price Nearing a Major Breakout</h2> 
This week, the cryptocurrency market witnessed a notable recovery amid a <a href="https://coingape.com/why-is-bitcoin-btc-price-pumping-today/">Bitcoin price rally</a> of above $64000. Following the momentum, the dog-themed <a href="https://coingape.com/meme-coin/">memecoin</a> Dogwifhat bounced from $1.39 to $1.9, registering a 36% growth.&nbsp; 
An analysis of the daily chart reveals this upswing as the development of a falling wedge pattern— a major reversal pattern since March 2024. While the two converging trendlines of the pattern drive a steady downtrend, in theory, it signals diminishing bearish momentum. Thus, with sustained buying, the Dogwifhat price could rise 12% before challenging the overhead trendline at $2.1. 
A potential breakout will signal a major shift in market trend and bolster a rally to $2.9, followed by $4. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/j/jIXhUiNz.png" alt="Dogwifhat Price" width="1946" height="893">
 <figcaption class="wp-caption-text">
 WIF|USDT – 1d Chart
 </figcaption>
</figure> 
Conversely, the overhead trendline has strengthened traders’ confidence against the sell-on-rallies sentiment. Additionally, the 100-day exponential moving average, which aligns with the downsloping resistance, could prompt another reversal in Dogwifhat price, potentially invalidating the bullish breakout. 
The post <a href="https://coingape.com/markets/dogwifhat-price-end-5-month-correction-whale/">Dogwifhat Price Set to End 5-Month Correction Amid Whale Accumulation</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogwifhat Price Set to End 5-Month Correction Amid Whale Accumulation

Table of Contents

Coingape News Media

Other articles published on Aug 25, 2024

Toncoin and Notcoin Tumble as Telegram Founder Gets Arrested

Bitcoin’s Rise Promotes Altcoin Surge

Bearish Ethereum Warning Issued by Tuur Demeester

Altseason 2.0 Approaches: Key Phases to Maximize Your Crypto Profits

Bitcoin Climbs to $64K Amid Strong Market Support and Positive Technical Indicators

Saino coins Sign Up New Members Through SAINO AirDrop Event

Join our free newsletter for daily crypto updates!