Yesterday, the popular Solana-based memecoin Dogwifhat ($WIF) experienced a significant price surge, climbing from $2.80 to above $3.20. However, this rally was short-lived as large transactions by whales created notable volatility.
On-chain data from Lookonchain revealed that two major buyers purchased a combined total of 701,668 $WIF, valued at approximately $2.04 million. One whale, operating from wallet “37reKQ,” spent 1.31 million USDC to acquire 453,877 $WIF at $2.89 per token.
This transaction, occurring just two hours ago, left the whale with an unrealized profit of $161,000. Detailed transaction information for this wallet can be found on [Solscan](https://solscan.io/account/37reKQ).
WIF is pumping!
We noticed 2 whales bought 701,668 $WIF($2.04M).
Wallet"37reKQ" spent 1.31M USDC to buy 453,877 $WIF at $2.89 2 hours ago and has an unrealized profit of $161K.https://t.co/OUYQOKx0tl
Wallet"8rWUUy" spent 4,036 $SOL($730K) to buy 247,791 $WIF at $2.95 in the… pic.twitter.com/up45IEJFgj
— Lookonchain (@lookonchain) May 22, 2024
Another significant purchase was made by the wallet “8rWUUy,” which spent 4,036 SOL (around $730,000) to buy 247,791 $WIF at $2.95. This wallet now holds 1.4 million $WIF, valued at $4.5 million, showcasing substantial interest and investment in the token.
$WIF Price Action Following Recent Happenings
However, the price of $WIF quickly plummeted today after a whale sold all 2.36 million $WIF for 7.44 million USDC, achieving an average sale price of $3.155. This massive sell-off caused the price of $WIF to drop from $3.25 to its current trading price of $2.89, marking a 9% decrease.
A whale sold all 2.36M $WIF for 7.44M $USDC at an average price of $3.155 in the past 2 hours.
This caused the price of $WIF to drop from $3.25 to $3.05, a decrease of 6.2%.https://t.co/S9l5fo39L2https://t.co/OQJb6bHLVb pic.twitter.com/VRQ7x8gxXz
— Lookonchain (@lookonchain) May 22, 2024
The recent activities by these significant holders highlight the volatility often seen in the cryptocurrency market, especially with tokens that have garnered rapid attention and investment. While the initial surge in $WIF’s price indicated strong demand, the subsequent sell-off underscores the impact that large transactions can have on market stability.
Investors and traders should remain vigilant, monitoring whale activities and market trends closely to navigate such fluctuations effectively.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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