Regardless of the continual worth decline in Dogwifhat (WIF), the favored Solana-based meme coin is gaining important consideration from crypto fans. Not too long ago, the favored blockchain-based transaction tracker Onchain Lens shared a put up on X (previously Twitter), revealing {that a} newly created pockets withdrew 9.47 million WIF tokens value $6.90 million from Binance.
Whale Buys 9.50 Million WIF Meme Coin
Such a considerable WIF withdrawal means that this whale may need recognized one thing concerning the meme coin, particularly as its worth continues to fall and this newly created pockets made such transactions.
$6.60 Million Price WIF Outflow
In addition to this, some long-term holders and traders have additionally been accumulating the meme coin, as reported by Coinglass. Information from the spot influx/outflow metrics revealed that exchanges have been witnessing steady WIF outflows for the final three days after a interval of inflows. Nonetheless, prior to now 48 hours, exchanges have seen an outflow of $6.60 million value of WIF meme cash.
This huge outflow from exchanges signifies potential accumulation by whales and long-term holders, suggesting they could be seizing the present market sentiment and worth drop to purchase a major quantity of WIF meme cash. This accumulation may create potential shopping for strain as soon as the sentiment shifts.
Present Worth Momentum
Regardless of these transactions and up to date whale exercise, WIF’s worth stays unchanged. Presently, the meme coin is buying and selling close to $0.72 and has dropped over 8% prior to now 24 hours. Throughout the identical interval, its buying and selling quantity declined by 8%, indicating decrease participation from merchants and traders in comparison with earlier days.
Merchants Robust Curiosity in Brief Positions
This bearish market sentiment and steady worth decline have been attracting notable curiosity from merchants briefly positions. At press time, merchants holding quick positions are dominating the market.
Information reveals that merchants holding lengthy positions are over-leveraged at $0.709, with $1.55 million value of lengthy positions. Conversely, at $0.752, merchants holding quick positions are over-leveraged, holding $4.45 million value of quick positions.
This huge quick place means that quick sellers are capitalizing on the present market sentiment to liquidate lengthy positions.