Dogwifhat Whale Dumps 539,558 WIF Amid Surging Open Interest to 8%

• A whale investor in the crypto market has made headlines by selling 539,558 WIF tokens, worth $2 million, amidst a volatile market.
• The Open Interest (OI) for WIF has surged by 14.7% in the last 24 hours, indicating increased market activity.
• WIF has climbed into the top 30 cryptocurrencies by market capitalization, showcasing its growing prominence.

Discover how a whale investor’s strategic move impacts the volatile WIF market and what it means for the future of this emerging memecoin.

Whale Investor Profits from WIF Selloff

A smart whale investor in the crypto market is currently making headlines following sales of 539,558 dogwifhat (WIF) meme tokens. This move follows an 8% increase in the Open Interest of dogwifhat amid a highly volatile market trend.

According to on-chain analytical platform Lookonchain, the whale investors sold all 539,558 WIF at a price of $3.7 per token. From this sale, a total of 11,708 Solana (SOL) was secured placing the value at about $2 million. With this recent transaction, the whale investor now has $24.1 million profits from WIF. This profit, while notable, also represents the whale’s conviction in the future potential of the memecoin.

Market Volatility and Open Interest Surge

It is worth noting that the whale transaction coincides with a recent uptick in WIF’s Open Interest (OI). Within the last 24 hours, OI increased by 14.7% to $421.7 million, according to Coinalyze data. WIF trading on Binance recorded the highest OI with $256 million, while Bybit came second with $134.5 million.

Notably, OI refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract. A growing OI indicates bullish momentum in the market as leverage traders open more contracts in anticipation of price movement.

WIF Ranks Among Top Cryptocurrencies

WIF has pushed itself into the top 20 cryptocurrency by market capitalization only a year after its release. At the time of this writing, the WIF ranks number 29 in the market cap hierarchy, trading at $3.57, representing an increase of 8.7% in the past day. The market capitalization stands at $3.5 billion, while trading volume is $1.4 billion.

Apart from WIF, Dogecoin (DOGE) and Bonk (BONK) also made it to the top 10 in OI. However, Bitcoin (BTC) is leading the chart with $11.1 billion in OI, followed by Ethereum (ETH) with $9.15 billion.

Conclusion

The recent rise in OI for memecoins comes from its bullish momentum over the past couple of weeks when WIF reached a new multi-week high above $3.30. Amidst these trends, PEPE soared to a new All-Time High (ATH) of $0.00001718, underscoring the growing competition in the memecoin world. Investors should keep an eye on these developments as they could signal future market movements and opportunities.