WIF struggles to hold gains as whales begin offloading – What now?

• WIF has declined by 11.74% over the past week.
• A Dogwifhat whale deposited 1.2 million WIF tokens worth $3.47 million.

Since hitting a high of $4.7 in November 2024,  dogwifhat [WIF] has struggled to maintain an upward momentum.

As such, the memecoin has declined across the charts. This decline has prompted some investors, especially whales, to sell to capitalize on the recent rally and avoid further losses.

Dogwifhat whale sells 1.2M tokens

According to Lookonchain, a Dogwifhat whale has deposited all 1.2 million WIF tokens worth $3.47 million into Coinbase. This whale purchased the tokens in January at a cost of $393k and now has made a profit of over $3 million.

With increased selling, it implies a potential lack of confidence in WIF’s future prospects as the memecoin has continued to decline.

While, memecoins have seen a sharp decline over the past week, crypto exchanges are gearing for a pro crypto regime in United States.  As such, Binance U.S has announced its intention to launch WIF on the exchange. The WIF/USDT pair will begin trading on 11th December.

WIF community hopes this will bring new buyers and boost the memecoin to reverse the current trend.

Impacts on WIF price charts?

According to AMBCrypto’s analysis, Dogwifhat is currently in a corrective wave after experiencing a strong pullback over the past week with most investors turning bearish.

Source: Santiment

For example, WIF-weighted sentiment has turned negative over the past week implying most investors have a negative perception of the memecoin.

Usually, negative sentiment may result in selling pressure as pessimistic opinions discourage buyers while encouraging holders to sell as witnessed by the above whale selling.

Source: Tradingview

This bearishness was confirmed following a bearish crossover on both RSI and MACD. In fact, WIF made a bearish crossover on its Relative Strength Index (RSI) 48 hours ago. This signals sellers’ dominance with the market experiencing a higher selling pressure.

Therefore, with the recent whale offloading, it’s a part of the overall market pattern and not an isolated case to affects the prices immediately.

Source: Santiment

Equally, Dogwifhat’s open interest per exchange has declined from $330 million to $207 million at press time. Such a drop reflects investors’ sentiments as they continue to close their positions while the market lacks new entrants.

Source: Coinglass

Additionally, this sentiment shift is witnessed among short position holders as they have dominated the market. With 52% of the total, most investors are betting on prices to decline.

Read dogwifhat’s [WIF] Price Prediction 2024–2025

Undoubtedly, bears are dominating the market and if they prevail, WIF could see more losses and decline to $2.29.

However, with the news of Binance US starting trading WIF,  the memecoin could see a boost from the US market creating buying pressure. If this development generates more buyers, the memecoin will reclaim the $3.4 resistance level.