Dogwifhat Bags Ethereum Whales $1.77M in Mere Minutes

Twelve whales spent under $4K to bag $1.77M amid Dogwifhat’s controversial Ethereum launch.

Beluga whale with a bag of ethereums wearing WIF's knitted hat.
Created by Kornelija Poderskytė from DailyCoin
  • Whales perform a potential insider trading trick on Dogwifhat’s ETH launch.
  • Crypto enthusiasts took a jab at the deployer on X for keeping 10% of the supply.
  • Solana’s Dogwifhat comprises a $220M market cap, 40 times more than on ETH.

Last weekend, twelve cryptocurrency whales banked on Dogwifhat’s (WIF) emergence on the Ethereum network. The whales spent just $3,694 on 24 million WIF, selling 15.32 million to bag $1.77 million.

These whales likely performed a witty insider trick by creating the wallets and buying 24 million WIF on the same block that the deployer used to open trading for the dog-themed memecoin. Said dog later plunged 49% on Ethereum, now trading at $0.05588, according to DexScreener

According to the latest blockchain data, the Ether whales still hold 8.65 million WIF, valued at just above one million. This version of Dogwifhat has been launched by issa, a crypto enthusiast who claims to have created the meme token in 2019 as a protest against Solana’s WIF creators.

Eat the Dip or Stay Away?

Claiming no affiliation with the current Solana WIF team, the deployer of Ethereum’s version was roasted on X for allocating 10% to the developer team. Some members uttered, “That’s why you stick with the OG on Sol.”

Indeed, the original version of WIF on Solana Layer-1 has lately been the darling of centralized exchanges. Having been listed on Bybit, Binance Futures, KuCoin, HTX, and a lengthy roster of smaller crypto platforms, Solana’s WIF has dropped 30.5% since last week, facing market correction after CEX adoption.

However, Solana’s WIF token trades at a significantly higher price. At press time, Solana’s Dogwifhat (WIF) is exchanging hands at $0.2121, according to CoinGecko. With a noteworthy triple-digit upswing in the last 30 days, the #223 seated dog-themed memecoin has a global capitalization of $220,737,628.

Ethereum’s Dogwifhat version plummets 49% in a 24-hour timeframe

Ethereum’s newly-launched WIF trades at $0.0588 as a trending token on UniSwap DEX and DexScreener, with a $5.5 million global market cap and $668K in on-chain liquidity.

On the Flipside

  • Issa, the creator of Ethereum’s Dogwifhat, has a huge following of 430,000 on Twitter. 
  • However, the coin carries just over 4,500 crypto accounts with the current $5.5M market cap.

Why This Matters

Memecurrency price fluctuations tend to be more volatile than large-cap altcoins due to social hype playing a key role in their market value.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.