'Shiba Inu Killer' Dogwifhat Rallies 8%, Continues To Look 'Incredible,' Says Top Trader

Dogwifhat WIF/USD is up 8% on the day and 26% on the week, closely following its rival Shiba Inu SHIB/USD as traders see more upside playing out shortly.

What Happened: On-chain data provider Lookonchain shows a major WIF holder borrowing 2 million USDC/USD from the Solana SOL/USD DeFi protocol Kamino to buy an additional 894,854 WIF at $2.24 each. The whale now holds 32.1 million WIF, equivalent to $71 million, and has made a total profit exceeding $86 million.

Also Read: Solana Memecoins Popcat and Dogwifhat Are Soaring In 2024 — One Even Surged 12882% But Why Are Ethereum-Based Shiba Inu And Floki Lagging?

With WIF's rally at 27% over the past week, crypto trader Rekt Capital sees the meme coin at the edge of starting a new macro uptrend after breaking its multi-month downtrend.

Unipcs thinks the main move for Dogwifhat has not yet come.

On the other hand, crypto trader Gumshoe stated that Binance users are buying Dogwifhat. Over the past seven days, around $35 million worth of WIF has been transferred from Binance. The trader added that "when you see outflows from exchanges, people are buying and take self-custody."

Another trader thinks WIF could repeat its February surge and appreciate 1,600% in 48 days after triggering a bullish indicator.

Read Next: 

• ‘Shiba Inu Killer’ Dogwifhat Erupts For 17% Gain, Will Erase ‘Six Months Of Downtrend In 2-3 Weeks,’ According To Trader

Image created using artificial intelligence with Midjourney.