The largest holder of Dogwifhat (WIF) has made headlines this week by ramping up their token accumulation, a strategic move that has resulted in substantial profits and showcased confidence in the asset's future potential.
Despite the ongoing accumulation, the value of WIF has not only held steady but has also surged, making it the top performer among the top five memecoins.
Intense Accumulation Drives WIF's Growth
Data from Lookonchain reveals that the largest Dogwifhat (WIF) holder has continued to buy more WIF tokens. As of this writing, this address has spent 1.54 million USDC to purchase 800,556 WIF at $1.92 per token. This brings their total holdings to 28 million WIF, now valued at approximately $53.23 million.
The profit from this strategic accumulation has skyrocketed to over $77 million, underscoring the substantial gains realized by this holder.
This continued accumulation by such a significant player could further influence market sentiment and drive increased interest in WIF.
Consecutive Uptrends for Dogwifhat (WIF)
Dogwifhat (WIF) has shown strong performance on the daily chart, with six consecutive uptrends. The most notable surge occurred on August 23rd, with a 13.77% increase, pushing the price to approximately $1.84.
By the week's end, WIF’s price had risen further to around $1.90 following an additional 6% gain.
This upward momentum allowed WIF to break through the resistance formed by its short-moving average. Currently, WIF is trading at around $1.88, experiencing a pullback of over 4%.
Despite this decline, WIF’s price remains above its short-moving average, suggesting the support level is holding.
The analysis also indicates that WIF’s Relative Strength Index (RSI) crossed above the neutral line during the recent surge, signaling a shift to a bullish trend. However, the recent decline has slightly tempered this bullish momentum.
Comparing WIF's Performance to Other Memecoins
Dogwifhat (WIF) has seen a gain of over 30% in the past seven days, according to CoinMarketCap data, making it the top gainer among the top five memecoins. The only memecoin outperforming WIF in this period was Popcat, with an over 70% increase, ranking it eighth overall.
As of now, WIF’s market capitalization stands at nearly $1.9 billion, with a trading volume of approximately $475 million. Additionally, Coinglass data shows WIF’s funding rate remains positive, indicating that buyers continue to dominate the market.
A positive funding rate suggests that long positions are prevailing, as traders are willing to pay a premium to maintain their long positions. This buyer dominance reflects ongoing bullish sentiment towards WIF, signaling confidence in its potential for further price appreciation.
