- WIF has declined by 10.74% over the past 24 hours.
- Whales have turned to buy the dip, scooping 7.25 million tokens worth $13.34 million.
As the crypto market crashed over the past day, memecoins have not been spared. Among the most hit memecoins is dogwifhat [WIF].
Over this period, WIF has dropped from $2.09 to $1.84. This downside has opened a buying window for large holders.
As such, whales have turned to accumulating the memecoin at lower prices. According to Lookonchain, a whale bought 7.25 million WIF tokens worth $13.34 million.
When whales turn to purchasing an asset, it shows their confidence in the market as they believe prices will soon rebound, making it more expensive to buy and more profitable for holders.
Any impact on WIF price charts?
While whale accumulation is expected to positively impact price movements, this has yet to reflect on dogwifhat’s charts.
In fact, as of this writing, dogwifhat was trading at $1.87. This marked a 10.74% decline on daily charts. The bearish trend has persisted over the past month as the memecoin has dropped by 46.13% on monthly charts.
The recent decline shows strong downward pressure amidst increased selling activity that WIF has experienced over the past month.
Therefore, according to AMBCrypto’s analysis, WIF was experiencing strong bearish sentiments at press time, as sellers dominated.
Source: TradingView
We can see this bearishness following WIF’s bearish crossover on its RVGI over the past day. This crossover showed that the memecoin was experiencing a strong downward pressure as selling intensified.
Source: Santiment
Additionally, these bearish sentiments were evident through a negative Weighted Sentiment. This has remained negative over the past week, suggesting that most traders are bearish and expect prices to drop.
Source: Coinglass
Looking further, most traders are taking short positions, with 50.9% of accounts going short on the daily timeframe. When short traders are dominating the market, it implies that investors anticipate prices to decline.
Source: Santiment
Finally, dogwifhat’s Open Interest per Exchange has sharply declined from $184 million to $162 million at press time.
This shows that traders are closing their positions to avoid further losses, while new entrants are avoiding the market. Such investor behavior signals a lack of confidence in the market.
In conclusion, although a whale has turned to buying dogwifhat, the market remains strongly bearish. However, buying pressure from large holders would play a vital role in helping WIF recover from recent losses.
Read dogwifhat’s [WIF] Price Prediction 2025–2026
In the short term, the market has yet to feel the impact of the whale purchase.
Therefore, if the current sentiments hold, WIF will drop to $1.82. However, if this whale activity pays off, WIF will recover and reclaim $2.1.
