The Bitcoin price rally above the $100k market has stalled the recovery momentum observed since mid-December 2024. However, the selling pressure has notably impacted the meme cryptocurrencies like WIF due to their inherent volatility. dogwifhat price is down 7.7% today, gradually approaching bottom support at $1.
As reported by Coingecko, the WIF price trades at $1.7, while the market cap holds at $1.7 Billion.
Whale Invests Over $18M in Meme Coins, WIF Takes Center Stage
According to data from Lookonchain, a mysterious whale has shown a strong focus on meme coins amid the market correction. This large holder acquired significant amounts of four tokens, totaling over $18 million in a single day. Here's a breakdown of the purchases:
The substantial purchase of WIF, accounting for over 70% of the total value, highlights a strong interest in the token.
Such large-scale acquisitions often indicate a bullish sentiment or strategic positioning by institutions for a potential surge.
dogwifhat Price Poised To Test Major Bottom Support
Over the last two months, the dogwifhat price has recorded a significant correction, falling from $4.8 to $1.7, marking a 65% decrease. Despite the broader market recovery, a consistent formation of lower highs in WIF's daily chart signals sellers' dominance for a prolonged downfall.
With sustained selling, the altcoin could plunge 13% to retest support at $1.47 or fall 36% to hit the $1 psychological level. The mentioned level acts as bottom support for a 10-month accumulation zone, justifying the recent surge of whale buying.
Thus, the $1 could act as a key reversal level for dogwifhat price and prevent further downfall.
