Unexpectedly, Dogwifhat WIF price increased sharply today by more than 20%. The spike was mainly caused by massive purchases from prominent investors, also known as “whales.” This surge coincides with high levels of market volatility and intricate trading patterns.
Whale Purchasing Dogwifhat Soars
The most noteworthy acquisition was made by a whale that suffered significant losses but made large investments in WIF. Before this, the whale had lost an incredible $4.63 million on Dogwifhat. Now, as the price of the Solana meme currency started to rise, he reentered the market and paid 3.77 million USDT to purchase 2.06 million WIF, according to Lookonchain.
The average cost per WIF for the most recent Dogwifhat whale transaction was $1.83. This aligns with a previous trend of selling at reduced prices and then purchasing again at increased ones, which has led to significant losses. However, this whale had already sold all 2.34 million WIF for $3.77 million, just three hours before the recent accumulation.
It caused a further significant loss of $2.71 million. The whale’s trading approach has been defined by purchasing high and selling low. As a result, it led to two significant transactions that brought in cumulative losses of $4.63 million.
Dogwifhat whales dumped $30 million worth of WIF earlier last week, causing the price to drop from $2.06 to $1.75. The WIF price dropped sharply due to this enormous sell-off, and it has only recently started to rise again. Despite this volatility, buying has rebounded, offsetting half of last week’s losses and indicating a notable comeback.
Next Up for the WIF Price?
Dogwifhat’s price has levelled off, down 11% in the last 30 days. This is a significant improvement compared to the previous monthly losses that topped 30%. Furthermore, market analysts and investors feel more upbeat due to this comeback.
As of this writing on Tuesday, June 25, the price of Dogwifhat had increased by 21.43% to $1.86. The market capitalization of the Solana meme coin surged to $1.85 billion. In addition, over the previous day, the WIF trading volume increased to $792.87 million.
It is now ranked 50th on CoinMarketCap’s list of the leading cryptocurrencies. Bitget advertised Dogwifhat spot trading on its platform via a post on X during the most recent surge in the price of WIF. Additionally, Bitget’s message was used by Michael Jordan Stan, an admin of Dogwifhat’s official Telegram channel, to highlight the rally among the community.
In the meantime, WIF’s Relative Strength Index (RSI) is at 36.98. This implies that the asset is getting close to the oversold area, which frequently marks the beginning of a possible price rebound. In addition, the price of WIF has recently increased in line with the RSI indicator.
Should the positive trend persist, Dogwifhat has the potential to surpass the $2 resistance level. Breaking beyond this barrier could pave the way for WIF price to hit new $3 highs. In addition, if the WIF price maintains a stronghold above the crucial resistance levels, it may aim for $5 shortly.
