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 crypto exchanges, Coinbase, where it falls in line with the exchange outflows. Besides, it’s also noteworthy that the weekly and monthly charts indicated gains worth 9% and 51%, respectively, solidifying optimism over future movements.

Intriguingly, the meme coin’s recent bullish trajectory also aligns with Robinhood listing the token. Further, even Dogwifhat futures OI jumped 3.5% to $735.56 million today. Altogether, the latest market stats indicate that the token surfs bullish tides against the backdrop of heightened market interest. Crypto market participants continue to monitor the top meme coin for further pumps despite the Dogwifhat whale’s offloading chronicle.

The post Dogwifhat Whale Dumps $9.5M WIF To Coinbase, More Selloff Incoming? appeared first on CoinGape.

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Filed under: News - @ December 7, 2024 10:25 am