The popular Solana-based meme coin, Dogwifhat (WIF), is showing signs of substantial upside momentum as both investor and whale interest have skyrocketed. Over the past week, WIF has made significant strides in the crypto market, experiencing a notable price surge of over 43%, escalating from $1.62 to $2.27.
WIF Whale On Buying Spree
In the wake of this impressive price surge, on September 26, 2024, the largest holder of WIF made a substantial investment by acquiring 894,854 WIF tokens for $2 million at an average price of $2.24, according to reports from Lookonchain. This considerable purchase suggests that, despite the recent price surge, the meme coin still holds potential, which could explain the current buying spree among whales.
Additionally, this WIF holder made another 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 whale now holds an impressive 32.1 million WIF tokens valued at $71 million, with an unrealized profit exceeding $86 million.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, WIF is currently encountering strong resistance near the $2.3 level. Based on the meme coin’s recent performance, it appears the token may undergo a slight price correction before potentially rallying further.
Historical price momentum indicates that if WIF closes its daily candle above the $2.4 level, there is a strong possibility that the token could surge another 20%, reaching the $2.85 level in the coming days. The current market sentiment remains bullish, and with whales actively purchasing, WIF could easily surpass this hurdle.
WIF Current Price Momentum
At the time of writing, WIF is trading near the $2.20 level, experiencing a price surge of over 9% in the past 24 hours. During the same period, its trading volume increased by 18%, reflecting higher trader participation as it approaches the resistance level.
