Dogwifhat Soars as Whale Makes Big Splash, Price Poised for Breakout
The price of Dogwifhat (WIF), a popular memecoin, is surging after a key investor made a significant purchase, fueling market sentiment and sparking a potential breakout.
According to on-chain analytics firm Lookonchain, the leading WIF holder recently acquired a whopping 800,556 tokens at $1.92 each, spending a total of 1.54 million USDC. This hefty buy-in bolstered their total holdings to a staggering 28 million WIF, with a current market value of $53.23 million.
This isn’t the whale’s first foray into the WIF market. Lookonchain details the investor’s history of aggressive accumulation, including a recent purchase of 1.8 million WIF tokens and a prior acquisition of 19.86 million WIF at a mere $0.0114 per token in December 2023. These strategic investments have translated into a whopping $77 million in profits for the whale, showcasing their confidence in WIF’s potential.
WIF Price Gears Up for Renewed Uptrend
While the price dipped slightly over the weekend to $1.9, analysts consider this a minor pullback after a strong early-week rally. The market may be consolidating before pushing higher, fueled by the whale’s accumulation and a surge in open interest within futures markets.
Open Interest Spikes, Suggesting Growing Investor Interest
Open interest for WIF futures jumped a significant 37% within the past week, rising from $192.8 million to $264.1 million (data from Coinglass). This substantial increase indicates a growing appetite for WIF among investors, potentially reflecting strong market confidence or speculative activity.
Falling Wedge Pattern Hints at a Major Breakout
Looking at the technical indicators, a falling wedge pattern has emerged on the daily chart, hinting at a potential breakout. This bullish pattern, formed since March 2024, suggests diminishing bearish momentum. With continued buying pressure, the price of WIF could rise 12% and challenge the overhead resistance at $2.1.
A successful breakout could mark a significant shift in the market trend, paving the way for a rally towards $2.9 and even $4.
