Solana’s Dogwifhat (WIF) Dips 15% As Whales Offload Millions

Solana’s knitted-hat wearing dog takes a massive hit as major players dump millions during Friday’s market pullback.

A whale in a cloud floating in the sky as it's off loading hundreds of golden coins.
Created by Gabor Kovacs from DailyCoin
  • A major player on Solana cashes out $1.64M worth of Dogwifhat to Bybit.
  • Bumping down to a three-month low, WIF lost over 50% of its value in 30 days.
  • Despite popularity on Derivatives, WIF’s negative flow hints at further volatility.

As the general crypto markets experienced a double-digit deterioration on Friday, the meme coin sector was among the ones to take the biggest plunge. One such coin which took a significant hit was the Solana-based Dogwifhat (WIF) which erased the gains from the latest rebound rally, dropping by as much as 15% over the past 24 hours.

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This has set off a mild panic among some of Dogwifhat’s (WIF) large investors, as one huge sell-off was spotted by the blockchain whale tracking agency LookOnChain. In the late hours of July 3, 2024, the Solana (SOL) whale got rid of 900,000 Dogwifhat (WIF) tokens in three consecutive transactions.

Pouring the 900K Dogwifhat (WIF) into Bybit, this major player potentially made $1.64 million, given that they sold these digital assets on the popular centralized exchange. Upon further investigation by DailyCoin, it was found out the aforementioned Solana whale still holds 974,047 Dogwifhat (WIF) tokens in their on-chain wallet, currently valued at $1,577,956.

Dogwifhat Slides To Three-Month Lows

As the current market sentiment is heavily downtrodden by massive sell-offs from the German government and Mt. Gox, the crypto bears haven’t spared WIF from incurring a double-digit deficit to retrace back to $1.60 support levels. This was previously seen in early March 2024, later leading WIF up to $4.83, an all-time peak hit on March 31, 2024.

This time, Dogwifhat (WIF) slipped even harder, slumping to $1.50 on the daily lows, later recouping above $1.70. Meanwhile, the selling pressure on WIF continues to present itself on Spot markets with a $700K gap between the Dogwifhat’s (WIF) executed bids and WIF sales in the latest 24-hour period.

Over $3M WIF Positions Get Liquidated

On the Derivatives side, Dogwifhat’s (WIF) long position holders have been swept away by the bears with $2.39M in daily liquidations. The latest 24-hour time frame shows a whopping $3.09M liquidated on Derivatives markets, as short-sellers bid adieu to $697.5K. This is in spite of the downward trend reducing WIF’s market value since July 1, 2024.

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In a contrasting situation, Dogwifhat’s (WIF) overall Derivatives volume saw a 28% upswing to claim a 24-hour total of $2.08 billion, declaring WIF the third most demanded meme coin on the market behind Dogecoin (DOGE) and Pepe Token (PEPE). 

Despite this, WIF’s money flow remains negative at -0.16, measured by Chaikin Money Flow (CMF). At a rate below zero, this metric signifies a declined interest in the token, as seen in the latest crypto whale retreat.

On the Flipside

  • Whilst the market sell-off has taken casualties with double-digit drops for most major-cap altcoins, some SOL whales see Dogwifhat’s plunge to $1.50 support levels as a favorable entry point.

Why This Matters

Solana’s meme coins have contributed towards the most profitable crypto section of Q1 in 2024, whilst Dogwifhat became a sensation after WIF gained a $4 billion market cap and a spot in the TOP 30 by global crypto ranks.

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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.