TLDR:
Dogwifhat (WIF) whale accumulations have surged recently
WIF is now the third largest meme coin by market cap
WIF price dropped 7% in 24 hours, now trading at $1.56
Analysts predict potential 20% rally for WIF
Kraken Pro in Canada recently listed WIF
The meme cryptocurrency Dogwifhat (WIF) has been making waves in the crypto market recently. Built on the Solana blockchain, this dog-themed token has quickly risen to become the third-largest meme coin by market capitalization, behind only Dogecoin and Shiba Inu.
In recent days, whale accumulations of WIF have increased significantly. Data from the blockchain tracker Lookonchain shows that two whale addresses collectively purchased 20.58 million WIF tokens, worth about $33.35 million, from exchanges Binance and Bybit over the past two weeks.
This surge in large-scale buying has sparked optimism among investors about WIF’s future price movements.
Despite the positive sentiment surrounding whale activity, WIF’s price has experienced some volatility. As of the latest data, WIF is trading at $1.56, representing a 7% decrease in the past 24 hours.
The token’s daily trading range saw a low of $1.56 and a high of $1.71. Additionally, WIF’s 24-hour trading volume dropped by 38.10%.
WIF Price at Coingecko
The recent price dip aligns with broader market trends, as September is historically a challenging month for cryptocurrencies.
However, some analysts remain bullish on WIF’s prospects. One crypto analyst, known as ‘Muro’, suggested on social media that WIF’s price chart indicates potential bullishness.
Looking at longer-term projections, price predictions for WIF vary. Some analysts foresee a potential 20% rally in the near future. Others offer more conservative estimates, with Benzinga predicting a 24% increase by 2025, while Changelly forecasts a 14% rise in the same timeframe.
WIF’s market performance is particularly noteworthy given its relatively short history. The token has already achieved a market capitalization of around $4 billion. This rapid growth has been attributed to the coin’s playful concept of a dog wearing a hat, which has resonated with the crypto community.
The token’s popularity has also had positive effects on the Solana ecosystem, as investors needed to purchase SOL to acquire WIF. This increased demand has contributed to Solana’s recent recovery in the crypto market.
In a move that could further boost WIF’s accessibility and liquidity, Kraken Pro in Canada recently listed the token for trading. This follows WIF’s initial exchange listings in February, marking continued expansion of its trading venues
The post Dogwifhat (WIF) Price: Sees Surge in Whale Accumulations, What’s Next? appeared first on Blockonomi.
