Massive Accumulation of This Meme Coin During the Dip – Hint: Not PEPE
Release: 2024/09/03 01:30 Reading: 722
When the crypto market experiences a downturn, traders often react in one of two ways: panic selling or accumulating their preferred altcoins.
During the recent market dip, whales accumulated WIF rather than PEPE. During previous summer downturns, traders purchased the frog meme coin PEPE.
The price of WIF dropped last week, losing over 20% of its value. As a result, Dogwifhat's token is currently trading around $1.47, with a market cap of approximately $1.47 billion. This is a 70% decrease from its March peak.
Despite this, LookOnChain reported that a whale acquired $13.59 million worth of WIF tokens from exchanges over the last four days.
A whale has acquired 9.57M $WIF ($13.59M) from #Binance and #Bybit in the past four days!
https://t.co/4bnfADQpqG pic.twitter.com/To4yLQOS9F
— Lookonchain (@lookonchain) September 2, 2024
The most recent transfer, approximately four hours before LookOnChain's tweet, involved 775,660.00337 $WIF from Bybit. This transaction joins previous transfers of 346,168.380753 $WIF and 8,450,564.117583 $WIF from Bybit and Binance, respectively. The whale has accumulated a total of 9.57 million WIF tokens.
The whale's accumulation of WIF has the potential to influence market sentiment, potentially causing the token's price to surge when the bull run resumes in October or November. Until then, anticipating significant price increases for any meme coin remains uncertain.
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