The post dogwifhat whale buys 1.5M tokens – Is it a sign of WIF turning bullish? appeared on BitcoinEthereumNews.com.

The WIF whale held a substantial profit of $68 million at press time. The memecoin’s major liquidation levels were near the $1.57 level on the lower side and $1.65 on the upper side. The popular Solana [SOL]-based memecoin, dogwifhat [WIF], has now been getting significant attention from the crypto community. As the market continued in a downtrend, on the 23rd of August 2024, the largest WIF holder purchased over 1.8 million WIF tokens worth $2.61 million, according to the on-chain analytics firm Lookonchain. Crypto whale buys 1.8 million WIF tokens  According to a post on X (formerly Twitter), the whale borrowed 2.61 million USDC from Kamino to purchase these notable tokens. This massive token buy occurred near a crucial support level and during the formation of a bullish double-bottom price action pattern. However, from the 13th to the 15th of December 2023, this whale spent $226K and purchased 19.86 WIF tokens at an average price of $0.00114.  Following this purchase, the whale held a substantial 27.2 million WIF tokens worth $44.36 million at press time, with a total profit of more than $68 million. Price analysis and Open Interest  Despite this notable WIF purchase, at press time, the memecoin was trading near $1.63, having experienced a price drop of 2% in the last 24 hours. Meanwhile, its trading volume dropped by over 13% during the same period, indicating lower participation from traders. However, WIF’s Open Interest has remained unchanged over the last 24 hours, according to the on-chain analytic firm Coinglass.  WIF: Key levels According to AMBCrypto’s technical analysis, WIF looked bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. The potential reason behind this bullish outlook is the formation of a double-bottom price action pattern and the crucial support level of $1.4.  Source:…

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Filed under: News - @ August 23, 2024 7:18 pm