Whale Buys 9.50 Million WIF Meme Coin Despite the Continuous Price Decline

Such a substantial WIF withdrawal suggests that this whale might have known something about the meme coin, especially as its price continues to fall and this newly created wallet made such transactions.

A new wallet has withdrawn 9.47 million WIF tokens, valued at $6.90 million at the time of the transaction, from Binance, according to a post shared by blockchain-based transaction tracker Onchain Lens on X (formerly Twitter). This substantial withdrawal might indicate the whale's interest in the meme coin, especially considering its continuous price decline and the new wallet's involvement in such transactions.

Whale Buys 9.50 Million WIF Meme Coin

Such a large-scale withdrawal might suggest that this whale could be aware of some information regarding the meme coin, particularly as its price continues to plummet and this recently created wallet performs these transactions.

$6.60 Million Worth WIF Outflow

Moreover, according to Coinglass, some long-term holders and investors have also been accumulating the meme coin. The data from the spot inflow/outflow metric shows that exchanges have seen a continuous outflow of WIF for the last three days following a period of inflows. However, in the past 48 hours, exchanges have seen an outflow of $6.60 million in WIF meme coins.

This massive outflow from exchanges indicates a potential accumulation by whales and long-term holders, suggesting they might be using the current market sentiment and price drop to buy a large quantity of WIF meme coins. This accumulation could create potential buying pressure once the sentiment shifts.

Current Price Momentum

Despite these transactions and recent whale activity, WIF's price has shown no significant change. Currently, the meme coin is trading at around $0.72, showing a drop of over 8% in the last 24 hours. During this time, its trading volume has decreased by 8%, indicating lower participation from traders and investors compared to previous days.

Traders Show Strong Interest in Short Positions

This bearish market sentiment and continuous price decline have been attracting notable interest from traders in short positions. At the time of writing, traders holding short positions are dominating the market.

The data shows that traders holding long positions are over-leveraged at $0.709, with $1.55 million in long positions. In contrast, traders holding short positions are over-leveraged at $0.752, holding $4.45 million in short positions.

This massive short position suggests that short sellers are capitalizing on the current market sentiment to liquidate long positions.