The recent approval of two spot Solana ETFs in Brazil has set the stage right for further mainstream adoption of SOL-based projects.
output: The meme coin industry is currently valued at about $40 billion, with a daily average traded volume of around $3.14 billion. This is led by Dogecoin (DOGE), which is still valued at over $28 billion.
Solana (SOL) continues to be a top-performing layer one (L1) chain, with heavy influence from its meme coin ecosystem, led by dogwifhat (WIF) and Bonk (BONK).
According to the latest crypto data, Solana-based meme coins have a total market cap of about $6.4 billion and a daily average traded volume of about $1.3 billion.
Dogwifhat Whales Increase Appetite
The recent approval of two spot Solana ETFs in Brazil has set the stage for further mainstream adoption of SOL-based projects. Additionally, an altseason is anticipated on the horizon as the Bitcoin dominance continues to form a macro bearish reversal pattern.
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
According to on-chain data analysis provided by Lookonchain, the largest holder of WIF, with a holding valued at over $44 million, has begun to accumulate more coins.
This comes as WIF price remained largely stagnant over the past five months following an initial bull run from December 2022 to January 2023. Notably, the meme coin had surged by over 1,200% during that period.
However, despite the recent price slide, WIF is still up by over 1,000% since its launch in December 2022. This has made it one of the best-performing crypto assets during that period.
As highlighted by on-chain data analysis platform Lookonchain, the largest holder of WIF, which is valued at over $444 million, has begun to accumulate more coins.
In the last three days, the whale has moved a total of 21.9 million WIF, which is valued at around $35.48 million, from an unknown wallet to Kamino lending protocol.
The whale then proceeded to borrow 3.24 million USDC and used around 2.7 million USDC to buy an additional 1.8 million WIF at an average price of $0.13.
This brings the total WIF acquired by the whale to 19.86 million, at an average price of around $0.11. The whale also paid a total of around $226,000 in interest for the USDC loan.
WIF Price Preps Imminent Bullish Reversal
$WIF on $SOL
Playing out this macro bullish wedge
Breakout in the coming months. Watching for long opportunities. pic.twitter.com/K9zk1F9aXM
As it stands with the rest of the crypto market, which is led by Bitcoin (BTC), WIF price has been bleeding for the past five months.
The mid-cap meme coin, which is valued at around $1.6 billion fully diluted and has a daily average traded volume of about $440 million, has been forming a falling wedge, which is usually followed by a major bullish breakout.
From a technical perspective, the WIF price against the US dollar must regain the 50-day Moving Average (MA) as a support level to invalidate further bleeding.output
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