Whale Bets Spike Dogwifhat Price 13% in 24 Hours: Will It Break Past $4 Soon?

After a rocky period of price drops, Dogwifhat (WIF) is finally seeing some light. In the past month, its value has been on a rollercoaster. But now, there’s reason for optimism as Dogwifhat’s price shot up by over 30% in the last week, hinting at a possible upward trend.

Since its launch in December 2023, Dogwifhat has been a success story, gaining a staggering 1,835% in value. Now, it’s aiming to cement its position above $4, eyeing even higher peaks in the coming months.

Here’s all you must know.

Whale Moves and Market Buzz

Dogwifhat (WIF) has become a heavyweight in the crypto world, turning heads with its stellar performance. Recently, a big player bought a massive 1.4 million WIF tokens, splashing out $4.2 million USDC at $2.99 per token. This move not only shows confidence in WIF but also highlights its history of lucrative early trades, pocketing over $8 million in profit.

The Surge Continues

Fueled by this whale activity, WIF soared by 12.97% in just 24 hours, challenging PEPE Coin for third place among the top 10 meme coins by market capitalization, solidifying its position as a rising star in the crypto market.

Derivatives Market Frenzy

Investors are rushing into the Dogwifhat derivatives market, pouring money into future contracts. The open interest has surged by 8.6% to $333 million, signaling growing investor optimism about Dogwifhat’s future. In the last two days alone, over $5 million has been invested, underlining the increasing confidence in WIF’s growth potential.

Despite the bullish sentiment, the market has seen short position liquidations worth $1.1 million in the last 24 hours. This highlights the inherent volatility and uncertainty in Dogwifhat’s market dynamics as traders grapple with rapid price changes.

WIF Price Analysis

Investors are closely watching potential resistance and support levels for Dogwifhat. The upper band Bollinger indicator points to $3.40 as a significant resistance area, with a breakthrough potentially pushing WIF’s price above $4. On the flip side, $2.5 is identified as a major support level, with a breach potentially favoring bears.

Having already surpassed the $2 billion market cap milestone, WIF currently stands at $2.107 billion, with a circulating supply of 998,920,173 WIF tokens. As speculation swirls, investors ponder whether WIF will hit the coveted $10 mark by the end of 2024. Only time can truly tell.

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