Whale Sells $3.5M Worth Of This Dog Coin...And It's Not Dogecoin Or Shiba Inu

Dogwifhat WIF/USD has seen a whale exit a seven-figure position in the meme coin, prompting traders to speculate about its future price action.

What Happened: According to a Degen News report, citing Solscan data, a whale sold around $3.5 million worth of WIF over a few hours. One trader commented that this is the "capitulation bottom," a situation where investors and traders can no longer tolerate falling prices and sell their assets out of fear.

Another crypto trader replied, "It’s a good thing they waited until it bottomed instead of selling for 2x the amount a few weeks ago." Other traders noted that $3.5 million is not a very huge amount for Dogwifhat holders.

Also Read: Elon Musk Has Heard Of Dogwifhat, Trader Sees WIF As ‘Incredibly Incredibly Oversold Here’

Why It Matters: Over the past 24 hours, WIF is down 5%. Down 15% on the week, traders are looking for key support levels and potential trends. Prominent analyst Pierre pointed out that the asset is back at the $2.2-$2.4 area, which has been support since March. He further mentioned a downtrend at $2.65-$2.80 and suggested Bitcoin’s price performance will drive that of Dogwifhat.

Another crypto trader noted in a bullish tweet that Dogwifhat will take off "sooner or later," while yet another expects WIF to "lead the memecoin mania in coming months."

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Star Trader Points Out Four Key Factors Of Successful Meme Coins: Dogecoin, Dogwifhat, Michi Are ‘Relatable Memes’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.