Dogwifhat’s $5 Dream Inches Closer As Early WIF Whales Return

An early WIF whale decided to wear the hat again, acquiring a whopping 1.4M Dogwifhat tokens on Solana’s chain.

Dogwifhat dog being overwelmed with lots of money.
Created by Gabor Kovacs from DailyCoin
  • An early bird investor who made $8M on dogwifhat comes back for more WIF.
  • dogwifhat fetches over $1.2B in daily trading volume on Derivatives markets.
  • Chart analyst examines the bullish pennant’s potential on WIF’s 4-hour charts.

Solana’s meme coin frenzy is unexpectedly returning after a period of calm. A change in large investor sentiment was spotted by LookOnChain, a popular crypto whale tracking agency that notified their X audience about an abnormally large acquisition of dogwifhat (WIF) in the early hours of Friday, May 10, 2024.

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In further detail, one Solana (SOL) whale traded a whopping 4.2M of the popular stablecoin USD Coin (USDC) for 1.4M Dogwifhat (WIF) tokens at an average price of $2.99. Digging deeper into the relevant whale’s wallet, DailyCoin discovered that WIF is now the 2nd largest holding in the whale’s portfolio.

Interestingly, Dogwifhat (WIF) stands out as the only meme coin in the whale’s crypto portfolio that is listed on centralized crypto exchanges (CEXs). In contrast to other holdings like GEN, Pepe On Fire and Boxxy Coin, WIF is the only major meme coin, currently boasting a global market capitalization of $3,168,454,299.

A Bullish Pennant To Save WIF From The Bears?

Following the gargantuan whale’s acquisition of 1.4M dogwifhat (WIF), crypto analysts believe this to be a sign of early investor return to Solana’s pink hat-wearing canine cryptocurrency. According to LookOnChain, the Solana whale has previously made a whopping $8 million profit from his early entrance into dogwifhat.

Returning a colossal 206,014% profit since the meme coin’s inception 5 months ago, WIF surged all the way to $4.83 on March 31, 2024. However, this milestone has a bittersweet feeling among crypto investors on X, as many have drawn the $5 price target as a key milestone in dogwifhat’s long-term growth.

Certainly, dogwifhat backtracked 33.6% from the all-time high, but today’s 12% upswing has brought in some fresh air for WIF holders. To illustrate, crypto analyst YG Crypto spotted a bullish pennant for dogwifhat (WIF) on the 4-hour technical charts. This pattern usually hints at a double-digit breakout, if WIF closes the day above the upper trendline, depicted in blue color.

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In such a case, trader YG Crypto forecasts a 50% run for WIF, which could be sufficient to reach dogwifhat’s long-term price target of $5. After being rejected at the price range again in April, dogwifhat’s early investor support could serve as a game-changer for the emerging meme coin. As of press time, the #39 seated Dogwifhat is changing hands at $3.17, according to CoinGecko.

On the Flipside

  • While dogwifhat (WIF) finished March 2024 as the third largest meme coin by global market cap, the competing meme coin Pepe (PEPE) soon outshined WIF due to deeper spot liquidity.
  • However, Dogwifhat managed to restore dominance in derivatives markets, as dogwifhat’s trading volume in futures spiked by 15% to claim above $1.24 billion in the latest 24-hour period.

Why This Matters

According to Dune Analytics, the meme coin department has been outperforming other strong narrative crypto sectors like artificial intelligence (AI) and real-world assets (RWAs), yielding a 315% year-to-date profit growth.

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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.