The popular Solana-based meme coin, Dogwifhat (WIF) is poised for massive upside momentum as investor and whale interest skyrocketed. Over the past seven days, WIF has made waves in the crypto industry, experiencing a significant price surge of over 43%, from $1.62 to $2.27.
Following this impressive price surge, on September 26, 2024, the largest holder of WIF made a big bet by buying 894,854 WIF tokens for $2 million at an average price of $2.24, as reported by Lookonchain. This significant acquisition suggests that despite the massive price surge, the meme coin still has potential, which could explain why whales are on a buying spree.
In addition to the recent purchase, this WIF holder also made a significant acquisition of over $4.2 million worth of WIF at an average price of $1.76, on September 20, 2024. Following these purchases, this WIF whale now holds a significant 32.1 million WIF tokens worth $71 million, with an unrealized profit of over $86 million.
According to CoinPedia’s technical analysis, WIF is currently facing strong resistance near the $2.3 level. Based on the meme coin’s recent performance, it appears the token may experience a slight price correction before rallying further.
Based on the historical price momentum, if WIF closes its daily candle above the $2.4 level, there is a strong possibility the token could soar another 20% to reach the $2.85 level in the coming days. Currently, the market sentiment is bullish, and whales are on a buying spree, which indicates that WIF could easily breach this hurdle.
At press time, WIF is trading near the $2.20 level and has experienced a price surge of over 9% in the past 24 hours. During the same period, its trading volume increased by 18%, indicating higher trader participation as it approaches the resistance level.
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