Dogwifhat’s WIF Gains 13% Weekly Attracting $4.2M Whale Purchase

• WIF token gains 13% weekly amid bullish market trend.
• Whale buys $4.2M worth of WIF, signaling growth potential.
• Technical indicators show strong upward momentum for WIF.

Dogwifhat (WIF), a Solana-based token inspired by a dog meme wearing a pink knitted cap, has surprised the market. Despite a bearish month for cryptocurrencies, WIF’s valuation defies gravity, soaring with over 13% escalation on the weekly chart.

This robust uptrend finds a companion in the daily chart as well, where the token price has climbed 8.52%, perching at $3.156 as of press time. Positioned as the 35th largest cryptocurrency, WIF has seen its intraday market cap rise significantly.

WIF/USD 24-Hour Chart (Source: CoinStats )

The market cap experienced an 8.56% increase, reaching a valuation of $3,154,402,750. In tandem with this swelling market capitalization, WIF’s trading volume exhibits a meteoric rise. Its transaction activity has jumped by 13.17%, hitting an impressive $464,979,776. This upswing in trading highlights heightened intrigue and vigor among investors flocking to the token.

On the same accord, WIF’s volume-to-market cap ratio also stands at 14.64%, suggesting strong investor interest and potential for further price growth. This ratio indicates that a significant portion of the market cap is being actively traded, which often points to a healthy and active market for the token.

WIF Whale Makes $4.2M Purchase

Reflecting strong confidence in the WIF token, a whale investor recently made a $4.2 million purchase of the Solana-based cryptocurrency. According to a tweet from Lookonchain, the whale acquired 1.4 million WIF tokens at a rate of $2.99 per token just five hours ago.

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

The tweet further emphasized that the whale is an early investor in Dogwifhat, recognized for its profitable trading history. Reportedly, the whale amassed over $8 million in total profits from past WIF trades. This latest purchase strengthens its belief in WIF’s potential, hinting at its expectation of further value growth for the token.

WIF Token Eyes $3.40 Resistance

Zooming on the 4-hour chart, the WIF token is rallying above the 61.8% Fibonacci retracement threshold, asserting itself as it prepares to tackle resistance at $3.40. Should the prevailing bullish momentum persist, this breakthrough could unfold shortly, potentially propelling the token price toward $3.70.

WIF/USD 4-Hour Chart (Source: Tradingview )

However, if the WIF token faces bearish pressure, prices could slump below the 50% Fibonacci retracement level and attempt to find support near $2.74. If this support level fails, the token could decline further to the May low of $2.27.

Technically, the MACD indicator signifies mounting bullish momentum, rising sharply above the signal line. Hovering near -0.0123, the MACD line inches toward the zero threshold, hinting that the bullish outlook for the token could solidify shortly.

WIF/USD 4-Hour Chart (Source: Tradingview )

Additionally, the MACD histogram displays ascending green bars above the zero line, suggesting a sustained bullish pattern likely to endure in the foreseeable future. Such optimism could spur the WIF token onward to its subsequent resistance at $3.40, as investors remain buoyant about prospective growth.

In parallel, the RSI indicator is moving vertically above the neutral line, highlighting the bullish trajectory in the short term. Positioned at 59.21 and above the signal line, the RSI indicates that the current uptrend is strong and could continue before reaching overbought territory.

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