Dogwifhat Whale Dumps $9.5M WIF To Coinbase, More Selloff Incoming?
The post Dogwifhat Whale Dumps $9.5M WIF To Coinbase, More Selloff Incoming? appeared on BitcoinEthereumNews.com.
A Dogwifhat whale has sparked speculations among traders recently, heavily dumping the meme coin to one of the top crypto exchanges, Coinbase. On-chain data on Saturday indicated that the whale dumped nearly $10 million worth of WIF after making a remarkable profit. This saga has in turn fueled market concerns surrounding the dog-themed meme crypto price action ahead. Dogwifhat Whale Moves Nearly $10M Tokens To Coinbase According to data from Lookonchain, a Dogwifhat whale deposited 2.78 million tokens, worth $9.5 million, into the crypto exchange Coinbase recently. Notably, this trade maneuver aided the trader in nabbing a colossal $8.48 million profit. Intriguingly, this whale spent nearly 9,300 SOL, worth $1.02 million, to buy 2.78 million coins nearly 10 months ago. Now, sending all his holdings to Coinbase, the whale made a staggering $8.48 million profit, marking an 8x return on his investment. Notably, the whale’s address was reported to be AemRFz4zR9D, per Solscan data. While this profit-making trade underscored the token’s market potential, it’s also worth mentioning that the decision to sell holdings could be due to the profit-booking strategy. Besides, another on-chain metric came contrary to the selloff, sparking investor optimism over the dog-themed meme crypto‘s movements ahead. Notably, WIF outflows from exchanges saw a significant rise in recent days, per Coinglass data. The spot exchange inflow/outflow map shows that traders notably withdrew the coin from exchanges, indicating heightened market interest in the asset. Source: CoinGlass Overall, the abovementioned stats have birthed a mixed market sentiment over future price movements. How is The WIF Market Delivering? At the time of reporting, WIF price soared nearly 2.5% intraday and is currently trading at $3.54. The coin’s 24-hour low and high were registered as $3.29 and $3.55, respectively. Notably, the rising movement defies the massive dump to one of the top…
Filed under: News - @ December 7, 2024 10:29 am