Dogwifhat Price Soars as Key Investor Acquires 800K WIF

Dogwifhat price plunged 3.5% to $1.9 on Sunday trading sessions, underperforming in the less volatile weekend.

The price of memecoin Dogwifhat (WIF) rose over 36% this week, reaching $1.9 on Sunday after a key investor purchased 800,000 WIF tokens.

According to on-chain tracker Lookonchain, the largest holder of Dogwifhat increased their stake further by purchasing 800,556 WIF for $1.92 each, using 1.54 million USDC. This acquisition raised their total holdings to 28 million WIF, with a market value of $53.23 million.

The tracker also highlighted the investor's aggressive buying spree, which included depositing $35.48 million worth of WIF into Kamino over the past three days and securing a $3.24 million USDC loan to purchase an additional 1.8 million WIF.

Such substantial investments by major stakeholders typically contribute to a sustained market recovery, especially for an asset like Dogwifhat, which is highly influenced by community engagement and hype.

Meanwhile, the open interest for WIF in the futures market surged from $192.8 million to $264.1 million within a week, marking a 37% increase, according to Coinglass. This significant growth suggests a rising interest among investors, indicating strong market confidence or speculative activity.

As the open interest rises rapidly, it creates more liquidity in the futures market, which can support further price movements for Dogwifhat (WIF). However, it's also crucial to note any changes in the funding rates to gauge the directional bias of the majority of leveraged traders.

suggest a cool-off to recuperate from the bullish momentum. Thus, the WIF price is poised for renewed recovery amid whale accumulation and open interest spike in future markets.

This week, the cryptocurrency market witnessed a notable recovery amid a Bitcoin price rally of above $64,000. Following the momentum, the dog-themed memecoin Dogwifhat bounced from $1.39 to $1.9, registering a 36% growth.

An analysis of the daily chart reveals this upswing as the development of a falling wedge pattern— a major reversal pattern since March 2024. While the two converging trendlines of the pattern drive a steady downtrend, in theory, it signals diminishing bearish momentum. Thus, with sustained buying, the Dogwifhat price could rise 12% before challenging the overhead trendline at $2.1.

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