dogwifhat [WIF] whale accumulates $13M tokens – What’s behind this move?

• Over 10 million WIF tokens have been accumulated in the last seven days.
• WIF has continued to trend downwards, slipping to around $1.4.

Whale addresses have shown a growing interest in dogwifhat [WIF] over the past few days. These large holders have accumulated millions of the memecoin despite the token experiencing significant price declines. 

dogwifhat sees another whale accumulation

Per Lookonchain, a whale address had accumulated 9.57 million dogwifhat [WIF] tokens over the last four days, with these memecoins valued at over $13 million.

This significant accumulation was part of a broader pattern observed among large holders, indicating a growing interest in WIF despite its recent market performance.

In addition to this recent accumulation, another whale made a notable move just a few days ago. The whale borrowed 1.4 million USDC from a DeFi platform and used 1 million USDC to purchase over 643,000 WIF tokens.

This accumulation has made the whale the largest WIF holder, with a total of 28.66 million WIF tokens worth over $44 million.

This growing concentration of WIF in the hands of a few large holders could have implications for the token’s future price dynamics.

On the one hand, it might signal confidence in the token’s long-term value; on the other hand, it also raises the potential for increased market influence by these whales.

Reason for the increased accumulation

WIF experienced significant declines in recent weeks, which has spurred increased accumulation by investors, particularly whales.

Over the past year, WIF has lost more than 70% of its value, making it an attractive target for those who believe in its long-term potential.

AMBCrypto’s analysis of WIF’s daily price chart shows that the token steadily declined after reaching a peak of $1.9 on the 24th of August.

In the last trading session, WIF saw a nearly 8% drop, bringing its price down to around $1.3. However, as of this writing, the price has risen slightly to approximately $1.4, following a more than 2% increase.

Despite this minor recovery, the overall trend for WIF remained bearish.

Source: TradingView

The increased accumulation by whales and other investors is primarily driven by the belief that WIF’s price will eventually rebound.

Historical trends suggest that while WIF has experienced significant declines, it has also shown the ability to recover strongly from these lows. 

The ongoing accumulation indicates that investors are positioning themselves in anticipation of a potential price rise, betting that WIF will follow its historical recovery pattern.

How WIF ranks

WIF continued to hold its position as the fourth-largest memecoin by market capitalization. According to data from CoinMarketCap, dogwifhat’s market capitalization currently stands at approximately $1.4 billion.

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Despite recent price declines, WIF maintained a strong presence in the memecoin sector.

dogwifhat remained the leading Solana [SOL] — based memecoin by market capitalization, with Bonk [BONK] following closely behind at $1.1 billion.