The recent market pump saw the surge of many sectors in the crypto market. Fueled by Roaring Kitty’s return, part of the memecoin sector registered remarkable gains over the past week, with Tokens like Pepe (PEPE), Popcat (POPCAT), and Dogwifhat (WIF) leading the way.

Due to its recent performance, some analysts forecast a new boost for WIF soon, while some whales load their bags with the dog-themed token.

Whales Put Their Hats On

Dogwifhat’s price soared after Roaring Kitty’s comeback, surging to $3.25 and prompting whales to fill their bags. However, the price fluctuations over the past week have made some large investors sell the dog-themed memecoin at a loss.

After WIF’s price dropped over the weekend, a whale sold 1.7 million tokens at a loss to buy BONK and the Donald Trump-inspired memecoin TREMP, the address initially bought WIF at $2.94 in March and sold it on Sunday at an average of $2.57.

Nonetheless, the price drop was seen as an opportunity for other large-scale investors. According to Lookonchain, a whale created a new wallet to buy Dogfight. On Monday, the wallet withdrew 1.83 million USDC from Coinbase to buy the dog-themed token.

At the time of the report, the investor had spent 606,000 USDC to buy 227,896 WIF at $2.66.  The wallet had 1.22 million USDC left to continue the buying spree. A few hours later, the whale had spent another 400,000 USDC to buy 145,000 more tokens. As of this writing, the address displays a total WIF balance of 472,614, worth around $1.28 million.

Similarly, another whale created a new wallet to buy dogwifhat. Per the reports, this whale used SOL to scoop 1 million WIF, worth around $2.53 million, on Sunday. Since then, the address has added more tokens to his bag, currently holding 1.39 million WIF, worth $3.8 million.

WIF Ready For A New ATH This Month?

The recent whale activity seemingly fueled the token’s price to soar above $2.7, hovering between $2.7 and $2.73 in the following hours. The surge represents a 10.4% increase in the past 24 hours.

Despite the recent performance, the token still registers red numbers in longer timeframes. WIF’s price has decreased by 8.3% and 14.8% in the weekly and bi-weekly timeframes. Moreover, its daily trading volume has seen a significant 21.6% decrease in the past 24 hours.

Nonetheless, market watchers consider that this cycle’s dog-themed sensation still has its hat on. Crypto trader Scient identified a bull pennant pattern on WIF’s chart.

Per the trader, the token is still consolidating inside the pattern. The token’s performance displayed “another bullish sign indicating that this consolidation is ending soon” after having a higher high followed by a lower high.

Similarly, Ansem, a popular trader and figure in the crypto world, suggested that WIF could be preparing for new highs.

To him, dogfight will reach a new all-time high (ATH) alongside Solana (SOL) by the end of the month? The breakout will end a “3-month period of bullish consolidation after the last leg up,” lining “with BTC’s bullishness.”

Featured Image from Unsplash.com, Chart from TradingView.com

---

Filed under: Bitcoin - @ May 20, 2024 8:00 pm