WIF Largest Holder Buys 1.8 Million WIF Tokens, Signaling a Potential Upside Rally

With the recent purchase, the largest WIF holder now owns a substantial 27.2 million tokens worth $44.36 million, with a total profit of over $68 million.

Solana's popular meme coin, Dogwifhat (WIF), has seen a price decline of over 43% since July 2024. However, a recent development might spark optimism among WIF holders.

On August 23, 2024, the largest dogwifhat (WIF) holder purchased a significant 1.8 million tokens, according to on-chain analytic firm lookonchain. This purchase is valued at approximately $2.7 million.

A post by the firm on X (previously Twitter) revealed that the whale deposited nearly 21.9 million WIF tokens, valued at $35.48 million, into Kamino. The whale then borrowed 3.24 million USDC, which was later used to purchase the 1.8 million WIF tokens.

The largest holder of $WIF, with over $68M in profit, is buying more and going long on $WIF!

In the past 3 days, he deposited 21.9M $WIF($35.48M) into #Kamino and borrowed 3.24M $USDC, then spent 2.7M $USDC to buy ~1.8M $WIF!

This whale spent $226K to buy 19.86M $WIF at only… pic.twitter.com/4iXzJPlT8s

With the recent purchase, the largest WIF holder now owns a substantial 27.2 million tokens, valued at approximately $44.36 million, with a total profit of over $68 million.

According to lookonchain's data, this whale purchased over 19.86 million WIF tokens when it was trading at $0.0114, as per Lookonchain's data. Notably, the current purchase might indicate an anticipation of an upside rally in the coming days.

WIF’s Open Interest Surges Over 2%

CoinGlass' data shows that WIF's open interest has surged by over 2% in the last 24 hours. This metric, which represents the total amount of outstanding futures contracts, has been gradually rising.

A rising open interest typically indicates growing interest from traders and investors in a particular asset. This could bode well for WIF's future price performance.

At the moment, WIF's open interest is at 306, suggesting a decent level of participation in the market.

As of press time, WIF is trading at $1.63, showing a price surge of 0.75% in the last 24 hours. The meme coin has experienced a price drop of 0.75% over the past week, while it's still up by 36.68% over the last 30 days.

The trading volume has dropped by 30% during the same period, indicating lower participation from traders amid bearish market sentiment.

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