Dogwifhat (WIF), the fourth largest meme coin by market cap, is on a powerful upward trajectory as soon as once more gaining over 12.97% within the final 24 hours. As of press time, the Dogwifhat (WIF) worth is buying and selling at $3.25 with a market cap of $3.240 billion, and is simply in need of overtaking PEPE Coin because the third-largest meme coin available in the market.
Dogwifhat (WIF) Whale Accumulation
According to insights from Lookonchain, a big transaction occurred 5 hours in the past, with a whale spending 4.2 million USDC to buy 1.4 million WIF tokens at a worth of $2.99. This explicit whale has a historical past of early buying and selling with WIF tokens and has accrued a complete revenue of over $8 million by means of these transactions.
A whale spent 4.2M $USDC to purchase 1.4M $WIF at $2.99 5 hours in the past.
This whale was an early dealer of $WIF and made a complete revenue of greater than $8M on $WIF.https://t.co/UWIt3TBsVQ pic.twitter.com/KYAsIZJ7AG
— Lookonchain (@lookonchain) May 10, 2024
The latest Dogwifhat worth surge has spoiled the broader market expectations of a worth drop. Moreover, the whale has performed a spoilsport making buyers flip their heads in the direction of bullish expectations.
A Look Into the Derivative Market
Investors within the derivatives markets proceed to inject extra capital into WIF futures contracts for Dogwifhat, fueled by optimism that Solana’s coveted meme coin will resume its upward trajectory within the close to future.
Data from Coinglass reveals that the open curiosity has surged by 8.6% to $333 million. Rising open curiosity signifies recent capital getting into the market or further investments being made. This implies that extra merchants are prepared to take lengthy positions on the WIF worth. Within the previous 48 hours, WIF derivatives merchants have strengthened their positions with over $5 million in capital inflows.
On the opposite hand, there have been $1.1 million in Dogwifhat liquidations over the previous 24 hours. Of these, $753.5K have been liquidated in brief positions.
Investors expect the Dogwifhat (WIF) worth rally to proceed if the bulls strike additional. Examining potential resistance areas, the higher band Bollinger indicator pinpoints the $3.40 territory because the upcoming important hurdle. A definitive breakthrough from this resistance cluster may propel the WIF worth above $4, as anticipated.
On the draw back, $2.5 stays a significant assist as of now. Breaking this under can result in bears taking the higher hand.
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