The Bitcoin price struggle to hold the $100k market has stalled the recovery momentum since mid-December 2024. However, the selling pressure has significantly impacted the meme cryptocurrencies like WIF due to their natural volatility. dogwifhat price is down 7.7% today steadily to bottom support of $1.
According to Coingecko, the WIF price trades at $1.7, and a market cap holds at $1.7 Billion.
- The dogwifhat price showcases a major consolidation trend within $4.8 and $1 horizontal levels.
- The WIF correction is currently 36% away from retesting the $1 bottom support level.
- The current downtrend witnessing whale accumulation hints potential for a bullish turnaround.
Whale Invests Over $18M in Meme Coins, WIF Takes Center Stage
According to Lookonchain data, a mysterious whale demonstrated a strong focus on meme coins amid market correction. This large holder acquired significant amounts of four tokens, totaling over $18 million in a single day. Here’s a breakdown of the purchases:
- 7.25M WIF worth $13.34M
- 5.77M POPCAT worth $3.83M
- 4.57M FWOG worth $922K
- 3.9M michi worth $467K
The substantial purchase of WIF, accounting for over 70% of the total value, highlights a strong interest in the token.
Such large-scale acquisitions often signal a bullish sentiment or strategic positioning by institutions for a potential surge.
dogwifhat Price Set to test Major Bottom Support
In the last two months, the dogwifhat price recorded a significant correction from $4.8 to $1.7, accounting for a 65% decrease. Despite the broader market recovery, a consistent formation of lower highs in WIF’s daily chart signals sellers’ dominance for prolonged downfall.
With sustained selling, the altcoin could plunge 13% to retest support at $1.47 or fall 36% to hit the $1 psychological level. The aforementioned level acts as bottom support for a 10 months accumulation zone, justifying the recent surge of whale buying.
Thus, the $1 could act as a key reversal level for dogwifhat price and prevent further downfall.
Also Read: Bitcoin Price Chart Shows Major ‘Buy’ Signal, $135K Target Soon?
