The post Dogwifhat (WIF) Open Interest Plunges 28%, Traders On Edge appeared on BitcoinEthereumNews.com.

Dogwifhat (WIF) open interest dropped 28% amid bearish sentiment. Five wallets sold 14.53 million WIF tokens, earning over $69 million. Since July 27, the open interest for Dogwifhat (WIF) has plummeted by 28%, to $252.5 million, while the price has fallen to $1.67. As a result of the current decline, traders anticipate a retest of the important $1.50 support level. #Dogwifhat (#WIF) open interest has dropped by 28% to $252.5 million since July 27, amid a price decline to $1.67. Traders anticipate a retest of the critical $1.50 support level due to ongoing correction. Future traders are wary of a quick rebound, with significant short and… pic.twitter.com/oOApiw9kJn — TOBTC (@_TOBTC) August 3, 2024 Futures traders are concerned about a rapid comeback, putting major short- and long-term bets at risk. WIF’s price is currently around $1.60, down 4.34% over the last 24 hours, bringing its market cap below $1.6 billion. Understanding the Implications of a 28% Decline in Dogwifhat Open Interest  During this gloomy period, CNF previously noted that five wallets, possibly controlled by the same individual, sold 14.53 million Dogwifhat (WIF) tokens worth $24 million. With an initial investment of $5,340, this individual earned nearly $69 million, resulting in an incredible return on investment (ROI) of 12,927 times. This substantial sell-off has fuelled the adverse attitude surrounding WIF, leading to the price fall. On the other side, CNF reported the actions of a whale from Dogwifhat’s competitor, Pepe Coin (PEPE). This whale deposited 400 billion PEPE tokens on Binance, earning a profit of $5.85 million and a ROI of 230%. This action demonstrates the shifting fortunes of the meme coin market, with some investors profiting from the volatility to make significant returns. A notable crypto analyst has also projected a favorable trend for PEPE, WIF, and POPCAT in light of…

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Filed under: News - @ August 4, 2024 11:14 pm