Dogwifhat (WIF) surprised everyone today with a dramatic price jump of over 20%. This surge was primarily driven by large investor (whale) purchases, but the story behind it involves a whale with some questionable trading behavior.
Whale Makes a Splash (Then Disappears)
A whale with a history of significant WIF investment, despite facing prior losses, decided to jump back in. This whale recently bought 2.06 million WIF for 3.77 million USDT after the price started to climb. However, just hours earlier, the same whale inexplicably sold all their WIF holdings, taking a loss in the process. This pattern of buying high and selling low has resulted in substantial cumulative losses for the whale.
Earlier whale selling contributed to a price drop from $2.06 to $1.75 last week. The recent buying frenzy has helped recover half of those losses. Overall, Dogwifhat’s price has stabilized and is only down 11% over the past month, compared to earlier highs of 30% losses.
As of writing, WIF is up 21.43% to $1.86, with a market cap of $1.85 billion. Trading volume has also surged to $792.87 million in the last 24 hours. WIF currently sits at #50 on CoinMarketCap. This rally is further fueled by Bitget promoting WIF spot trading and positive sentiment within the Dogwifhat community.
Technical Analysis Hints at Potential Growth
– The Relative Strength Index (RSI) for WIF suggests it’s approaching oversold territory, often a precursor to price rebounds.
– The recent price increase aligns with the RSI indicator.
Possible Future Price Movement
If the bullish momentum continues, WIF could break above the $2 resistance level. Surpassing this hurdle could pave the way for reaching new highs of $3. Holding above critical resistance levels could even see WIF target $5 in the future.
Overall, Dogwifhat’s price surge highlights the influence of whale activity and broader market recovery. While the specific whale’s strategy is questionable, the overall trend suggests potential for WIF to reach new heights if it can maintain momentum and overcome key resistance levels.**
