{"id":328311,"date":"2024-06-21T18:10:10","date_gmt":"2024-06-21T12:40:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/dogwifhat-whales-offload-16m-tokens-amid-24-weekly-dip-will-wif-price-drop-further-crypto-news\/"},"modified":"2024-06-21T18:16:02","modified_gmt":"2024-06-21T12:46:02","slug":"dogwifhat-whales-offload-16m-tokens-amid-24-weekly-dip-will-wif-price-drop-further-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/dogwifhat-whales-offload-16m-tokens-amid-24-weekly-dip-will-wif-price-drop-further-crypto-news\/","title":{"rendered":"Dogwifhat Whales Offload $16M Tokens Amid 24% Weekly Dip, Will WIF Price Drop Further? – Crypto News"},"content":{"rendered":"

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Large holders, also known as whales, of the Solana meme coin<\/a> Dogwifhat (WIF) have offloaded substantial amounts of their holdings. It has potentially catalyzed further declines after a sharp drop in the WIF price this week. Over the past week, approximately $16 million worth of WIF tokens have been sold, prompting speculation about the future trajectory of its value.<\/p>\n

Dogwifhat Whales Dump Tokens To Exchanges<\/h2>\n

According to data from Solscan, a Dogwifhat whale dumped a massive reserve of 5.89 million tokens to Binance today. Moreover, the transaction was worth $12.1 million, which could have worsened the downtrend. Earlier this week, a major whale initiated a massive sell-off, liquidating around $3.5 million worth of WIF within a few hours.<\/p>\n

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Furthermore, these large-scale selloffs exerted considerable downward pressure on the meme coin\u2019s price. At press time, the WIF price<\/a> plunged 14.54% to $1.85 in the last 24 hours, trading below the critical $2 support level and settling at $1.85, as reported by CoinMarketCap.<\/p>\n

This marks the continuation of a bearish trend that has seen the Dogwifhat meme coin lose 25% in the past week and over 35% in the past month. Moreover, the rapid decline in WIF\u2019s value reflects a broader trend within the cryptocurrency market, where investor enthusiasm for meme coins has been waning.<\/p>\n

Meanwhile, the market capitalization of Dogwifhat has dropped by 14.5% to $1.85 billion, positioning it at rank 49 in market cap listings. Despite the price downturn, the trading volume for WIF over the past 24 hours has increased by 7.22%, totaling $390.43 million. This surge in trading activity indicates significant market movements as investors react to the recent sell-offs.<\/p>\n

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Also Read:\u00a0Dogwifhat Price Prediction: As Market Sentiment Wanes, Can WIF Defy Trend To $1?<\/a><\/strong><\/p>\n

What\u2019s Next For WIF Price?<\/h2>\n

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The selling spree by whales, or large holders, of Dogwifhat has contributed to growing pessimism among traders. Moreover, the drop in price and the substantial offloading of tokens signal a lack of confidence in the meme coin\u2019s future performance. This sentiment is further corroborated by data from Santiment, which shows a downturn in open interest across various exchanges.<\/p>\n

The total open interest for WIF has decreased from $180 million to $166.9 million. This reflects a cautious stance among investors who are now liquidating long positions rather than initiating new shorts. In addition, this cautious approach among traders and investors is indicative of a broader shift in sentiment within the digital asset market.<\/p>\n

Moreover, the fading interest in speculative investments, particularly meme coins like Dogwifhat<\/a>, underscores a growing caution towards high-risk assets amid market corrections and increased volatility. The past month has seen Dogwifhat\u2019s valuation drop by more than 35%, a clear indication of the challenges facing the meme coin.<\/p>\n

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The recent price action and whale behavior suggest that the bearish trend for WIF may continue. The critical $2 support level, which has been breached, is a significant psychological and technical barrier. As the coin trades below this level, further declines could be on the horizon if investor confidence does not return.<\/p>\n

According to Coinglass<\/a> data, the Dogwifhat meme coin has also noted significant long liquidations. In the past 24 hours, $1.38 million WIF longs were liquidated, which could have expedited the latest bearish turn.<\/p>\n

Also Read:\u00a0Dog-Themed Meme Coins Outpace Solana Rivals<\/a><\/strong><\/p>\n

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