Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Dogwifhat (CRYPTO: WIF) followed the market-wide rally on Tuesday, rebounding over 10% after weeks of poor price performance.
What Happened: Lookonchain data shows a whale losing $4.6 million after having already lost $1.92 million on WIF.
The whale trader initially bought 2.05 million WIF for $7.96 million at $3.88 each on April 8. He then sold them at $2.95 each on May 7 and 8, incurring a loss of $1.92 million. Undeterred, he bought 2.34 million WIF for $6.48 million at $2.77 each from May 16 to May 20. He sold these at $1.61 each, losing another $2.71 million.
Another trade of a Dogwifhat whale reveals an early buyer purchasing 938,434 WIF, worth $1.6 million, a few hours before Tuesday’s rally. He currently holds 3.97 million WIF, worth $7.3 million, adding up to his early December 2023 purchase of 3.58 million WIF. His earlier purchase of around $21,000 is now worth $6.6 million.
Price Action: In the past 24 hours, WIF up 15.5%, trading at $1.96.
Also Read: Floki, Dogwifhat, Bonk Record Double-Digit Gains — Dogecoin, Shiba Inu Also Shrug Off Broader Market Bloodbath
Why It Matters: Crypto trader DeFi Man predicted that if Dogwifhat manages to hold above $2.2, it will run to $4 very fast. He added, "Many have derisked in the $2-$3 area and won’t be able to stay sidelined."
The trader added that with the retrace being very fast many coins have changed hands. He believes that the "conditions to a violent move up are there."
Heavily followed trader ChimpZoo highlighted his investment revealing WIF is up 10% since he purchased. While he predicts WIF to reach $3.5 he stated, "I still think it's early in this WIF bounce, and that it ultimately goes a lot higher."
Another trader also sees a bullish setup:
If the bottom is in, and this is a deviation, then this setup looks super good on $WIF.https://t.co/o7mjuLLHjY pic.twitter.com/p43XcPITwF— VikingXBT (@VikingXBT) June 25, 2024
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin At ‘Do-Or-Die’ Level And Dogwifhat ‘Just Looks Sh*t,’ Says Top Trader: ‘Can’t Pin This On Me’
Image: Shutterstock
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