Largest Crypto Whale Invests $35M in Dogwifhat Whale (WIF) after $68 Million Profit
-
Famous crypto whale doubles down on Dogwifhat Whale (WIF) with a $35 million investment.
-
WIF sees a significant surge of 17.69% in just one week, attracting major attention.
-
Bullish trends and increased stake by the whale result in liquidation of shorts.
The cryptocurrency market is experiencing a wave of excitement, with Memecoins taking charge. Dogwifhat Whale (WIF) has emerged as a standout performer, with an impressive price rally. WIF has experienced a surge of 17.69% over the past week, capturing the interest of numerous investors.
However, what truly captures attention is the move made by the largest holder of Dogwifhat Whale (WIF). This renowned crypto whale, who has already earned profits exceeding $68 million, is now further increasing their investment in WIF.
Recent Investments in Kamino and WIF
According to Lookonchain, the largest holder of WIF has deposited 21.9 million WIF tokens, worth approximately $35.48 million, into the Kamino platform over the past three days. Following this, the whale borrowed 3.24 million USDC and used 2.7 million USDC to acquire an additional 1.8 million WIF tokens. These actions clearly indicate a strong belief in the future performance of WIF.
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
— Lookonchain (@lookonchain) August 23, 2024
It is evident from the whale’s history with WIF that they strategically buy during dips. For instance, between December 13 and 15, 2023, they spent $226,000 to acquire 19.86 million WIF tokens at a mere $0.0114 each. Additionally, the whale registered a domain named “binance-insider.sol” and made a single, massive purchase of 17.23 million WIF using 86,738 SOL, totaling $8.92 million.
Whale Current Holdings
The whale currently holds 27.2 million WIF tokens, valued at $44.36 million. This brings their total profit from WIF investments to over $68 million, as reported by Lookonchain. The continued accumulation of WIF and their long position demonstrate a strong anticipation of further growth and profitability, attracting the attention of other market participants.
Dogwifhat Whale (WIF) Price Action
Examining the daily price action of Dogwifhat Whale (WIF), the cryptocurrency has found robust support at $1.797. This level is essential as WIF has tested it twice and successfully rebounded on the third attempt. However, buyers must exhibit more interest to push WIF above the $2.3119 level.
Furthermore, data from Coinglass reveals a 51% increase in trading volume for derivatives, reaching $1.26 billion, along with a 22.06% rise in new contracts, totaling $232.99 million.
Additionally, liquidation data indicates a dominance of short positions over long ones, indicating a bullish trend. In the short term, shorts have outperformed longs, resulting in $1.07 million worth of shorts being liquidated.