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Dogwifhat (WIF) Sees 12% Pump, Whale Activity Expected?

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Dogwifhat (WIF) pumps 12%

  • Dogwifhat (WIF) reclaimed a market cap above $3 billion after a 2-day slump.
  • A significant whale activity has been spotted on the radar during the price surge.

There’s a slight relief in the market as Bitcoin (BTC) rebounds above $62,800 and Ethereum (ETH) attempts to find a firm foothold above $3,000. Among the top 5 gainers of the day, Solana-based viral memecoin Dogwifhat (WIF) boasts its double-digit price surge.

In the last 24-hour trading window, WIF surged over 12.3% to reach $3.22. At the time of writing, WIF stood with a market capitalization of $3.22 billion. Amid this rise, the memecoin’s daily trading volume increased over 24.68% to $467.6 million. 

Blockchain data tracker lookonchain detected an anonymous whale activity tied to WIF. In the last 12 hours, the whale purchased nearly 1.4 million WIF tokens — worth $4.18 million at the time of purchase. Currently, these tokens held are in a profit of 7.7%.

A whale spent 4.2M $USDC to buy 1.4M $WIF at $2.99 5 hours ago.

This whale was an early trader of $WIF and made a total profit of more than $8M on $WIF.https://t.co/UWIt3TBsVQ pic.twitter.com/KYAsIZJ7AG

— Lookonchain (@lookonchain) May 10, 2024

Will Dogwifhat (WIF) Pump Further or Dump?

The daily price chart shows WIF’s relative strength index (RSI) hovering within the neutral territory — neither oversold nor overbought condition. Meanwhile, another indicator, Chaikin Money Flow (CMF), displays a gradual decline below zero, suggesting decreased capital flow into the asset. This is further supported by the decline in trading volume over the past two days.

WIF/USDT 24H Price Chart (Source: TradingView)

As per TheNewsCrypto’s analysis, WIF’s current price momentum laid down a cup and handle pattern. This formation generally displays a consolidation phase and a breakout is expected to follow. If a bullish breakout occurs, dogwifhat might surpass its resistance, $3.5757. In case the bearish momentum creeps in, WIF may fall to $2.8.

The top 10 gainers’ list also featured another Solana memecoin BOOK OF MEME (BOME). According to CoinMarketCap data, BOME surged over 10.5% in the last 24 hours to trade at $0.01184.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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