Dogwifhat WIF/USD followed the market-wide rally on Tuesday, rebounding over 10% after weeks of poor price performance.
What Happened: Lookonchain data shows a whale losing $4.6 million after having already lost $1.92 million on WIF.
The whale trader initially bought 2.05 million WIF for $7.96 million at $3.88 each on April 8. He then sold them at $2.95 each on May 7 and 8, incurring a loss of $1.92 million. Undeterred, he bought 2.34 million WIF for $6.48 million at $2.77 each from May 16 to May 20. He sold these at $1.61 each, losing another $2.71 million.
Another trade of a Dogwifhat whale reveals an early buyer purchasing 938,434 WIF, worth $1.6 million, a few hours before Tuesday’s rally. He currently holds 3.97 million WIF, worth $7.3 million, adding up to his early December 2023 purchase of 3.58 million WIF. His earlier purchase of around $21,000 is now worth $6.6 million.
Price Action: In the past 24 hours, WIF up 15.5%, trading at $1.96.
Why It Matters: Crypto trader DeFi Man predicted that if Dogwifhat manages to hold above $2.2, it will run to $4 very fast. He added, "Many have derisked in the $2-$3 area and won’t be able to stay sidelined."
The trader added that with the retrace being very fast many coins have changed hands. He believes that the "conditions to a violent move up are there."
Heavily followed trader ChimpZoo highlighted his investment revealing WIF is up 10% since he purchased. While he predicts WIF to reach $3.5 he stated, "I still think it's early in this WIF bounce, and that it ultimately goes a lot higher."
Another trader also sees a bullish setup:
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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