DogWifHat (WIF) Coin Becomes Target of Whales

Bittime - DogWifHat (WIF) coins are being targeted by whales or big investors. This phenomenon has attracted the attention of many parties in the crypto world, including analysts and market observers.

Why is WIF the whale's "favorite"? Follow the review in this article!

Whale WIF Buy Hundreds of Thousands of WIF Tokens

Based on on-chain data reported by Lookonchain, a blockchain tracking firm, the largest holder of WIF outside of exchanges again increased its holdings significantly. 

Solana addresses starting with “mmEAfW” have recently accumulated hundreds of thousands of WIF tokens, showing strong confidence in the potential of this meme coin.

Sumber: Lookonchain

"The largest holder of WIF spent 1.54 million USDC to buy 800,556 WIF at $1.92 (Rp. 29,760) per coin!" Lookonchain said. 

"Currently, the whale holds 28 million WIF worth $53.23 million (Rp. 825 billion), and profits from WIF investments have exceeded $77 million (Rp. 1.19 trillion)!"

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Lookonchain also shared a graph depicting the whale's accumulation process. It can be seen that these investors bought WIF aggressively during the period of rising prices in March. 

Then, these investors took profits in April and May, and are now slowly starting to accumulate again. This strategy shows the whale's expertise in reading market movements.

When this article was written, the WIF price was trading at $1.73 (Rp. 26,900) per coin. Despite experiencing a slight decrease from the whale's last purchase price, this accumulation trend remains interesting to observe considering the high volatility in the crypto market.

Another Whale Buys BTC

Meanwhile, Lookonchain also reports other whale activities that attract attention. A large investor is seen depositing a large amount of Bitcoin (BTC) into Binance, the world's largest crypto exchange. 

This action was allegedly aimed at selling Bitcoin on the open market after its price experienced a significant increase.

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"A whale deposited 590 BTC worth $38 million (Rp. 589 billion) to Binance to sell after the BTC price rose, resulting in a profit of more than $15 million (Rp. 232.5 billion)!" Lookonchain said. 

"This whale previously purchased 590 BTC for $22.7 million (Rp. 351.85 billion) from Binance at an average price of $38,472 (Rp. 596.3 million) on October 20, 2023, February 21, and April 16, 2024."

The Bitcoin wallet address used by the whale is 18Txv4w4J31Un1gHBnxd6mPdNrkMaSvrJJ. At the time of writing this article, the price of Bitcoin was at $64,145 (Rp. 994.2 million) per coin.

This phenomenon of massive accumulation and selling by whales illustrates an interesting dynamic in the crypto market. On the one hand, there is a strong belief in the potential of meme coins like WIF, while on the other hand, there are also investors who are taking advantage of the rise in Bitcoin prices. 

This shows how complex investment strategies are in the ever-evolving world of digital assets.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.