The Solana-based memecoin, Dogwifhat (WIF) has made headlines today following a substantial accumulation of the coin by its largest holder. According to a recent report, the whale has been carrying out heavy WIF activities for the past three days. Meanwhile, Memecoin transactions have greatly benefited the Solana (SOL) network, with dogwifhat (WIF) being the largest by market capitalization and daily trading volume.
WIF Whale Activity Surges
Dogwifhat (WIF), a trending memecoin on the Solana network, has indicated a possible bullish reversal. With a fully diluted valuation of over $1.63 billion and an average daily traded volume of roughly $440 million, the mid-cap token saw a sharp increase in value over the previous seven days, peaking at $1.63 on Friday, August 23.
The dogwifhat price to the USD, however, has fully recovered, particularly considering that August and September are seen as bearish months for the broader cryptocurrency market. From December of last year to April of 2024, the WIF price rose more than 105,000%, however, since March, the price has been stuck in a bearish trend.
Amid this, a prominent whale has continued to stack up the coin, showing increasing confidence and trust in the future price trajectory of the asset. This entity, with a total holding of over 27.2 million WIF tokens, has aggressively accumulated the coin recently, according to an on-chain data report from Lookonchain. Amazingly, the whale investor has made over $68 million in profit since their initial investments.
The whale investor borrowed 3.24 million USDC, most of which were utilized by the investors to buy more WIF units, and deposited 21.9 million WIF tokens, valued at more than $35 million, to Solana’s lending platform Kamino in the last three days.
Additionally, Lookonchain pointed out that the whale only spent about $226,000 to buy 19.86 million WIF coins at about $0.0114 per coin from December 13 to December 15, 2023. Furthermore, he registered a domain of “binance-insider.sol” and used 86,738 Solana (SOL), valued at $8.92 million to acquire 17.23 million WIF in one transaction.
Meanwhile, the price saw a minor uptick at the time of writing. According to CoinMarketCap data, WIF traded at $1.62, signifying a 0.23% increase in the last 24 hours.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.