Dogwifhat over Dogecoin? 30% gain makes WIF top memecoin of the week

• WIF gained over 30% in the last seven days.
• The largest WIF holders now hold over $70 million in profit.

The largest holder of Dogwifhat (WIF) has made waves in the market this week by significantly increasing their token accumulation. This strategic move has allowed the holder to sit on a substantial profit, demonstrating confidence in the asset’s future potential.

Despite this increased accumulation, the value of WIF has not only maintained its pace but has also surged, making it the highest gainer among the top five memecoins.

Dogwifhat sees intense accumulation

According to data from Lookonchain, the largest Dogwifhat (WIF) holder has continued to accumulate more WIF tokens. 

As of this writing, the data indicates that this address spent 1.54 million USDC to purchase 800,556 WIF for $1.92 per token. This latest acquisition brings the total WIF held by this address to 28 million tokens, with a current value of approximately $53.23 million.

Remarkably, the profit from this holding has soared to over $77 million, highlighting the substantial gains achieved by this strategic accumulation.

The ongoing accumulation by such a significant holder may continue to influence market sentiment and drive further interest in WIF.

Dogwifhat sees consecutive uptrends

Analysis of Dogwifhat (WIF) on a daily chart indicates a strong performance with six consecutive uptrends. The most notable spike occurred on 23rd August, when WIF saw a 13.77% increase, pushing its price to approximately $1.84.

By the end of the week, WIF’s price had risen further to around $1.9 after an additional 6% increase.

Source: TreadingView

This upward momentum allowed WIF to break through the resistance formed by its short-moving average (yellow line). As of this writing, WIF is trading at around $1.88, having experienced a decline of over 4%.

Despite this pullback, WIF’s price remains above its short-moving average, indicating that the support level is holding for now.

The analysis also shows that WIF’s Relative Strength Index (RSI) crossed above the neutral line due to the recent spike, signaling a transition into a bullish trend. However, the current decline has slightly weakened this bullish momentum.

How WIF’s performance compares to other memecoins

Analysis of Dogwifhat (WIF) reveals that it has gained over 30% in the last seven days, according to data from CoinMarketCap. This impressive performance ranks WIF as the top gainer among the top five memecoins.

The only memecoin that outperformed WIF during this period was Popcat, which saw an over 70% increase, placing it eighth overall.

As of this writing, WIF’s market capitalization is nearly $1.9 billion, with a trading volume of approximately $475 million. 

Additionally, data from Coinglass shows that WIF’s funding rate remains above zero, suggesting buyers continue to dominate the market.

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A positive funding rate implies that long positions prevail, as traders are willing to pay a premium to maintain their long positions in the market.

Buyers’ dominance reflects ongoing bullish sentiment towards WIF, indicating confidence in its potential for further price appreciation.