- Investors are closely monitoring the resurgence of interest in the Dogwifhat (WIF) memecoin on the Solana network.
- An early investor, who previously made substantial gains, has started acquiring more WIF tokens once again.
- Lookonchain’s blockchain analysis reveals significant movements in WIF purchases, reflecting growing market activity.
Discover how a savvy investor’s renewed interest in Dogwifhat (WIF) memecoin on the Solana network is sparking market excitement and driving substantial price movements.
Early Investor Re-engages with Dogwifhat
Recent data from Lookonchain shows an early adopter of Dogwifhat, who previously turned a small investment into millions, has resumed purchasing the memecoin. This individual initially invested in December, acquiring 3.58 million WIF for just $21,000. Now, their latest activity involves buying up significant quantities of the token once more, aiming to capitalize on price fluctuations.
Impact on WIF Market
Lookonchain’s report highlights that the whale investor purchased an additional 938,434 WIF tokens, pushing the price up by over 20% in the past 24 hours. This activity suggests a renewed confidence in Dogwifhat’s potential, initiating bullish market sentiment among other traders. It is worth noting that the whale’s acquisitions have brought their total holdings to an impressive 3.97 million WIF, valued at approximately $7.51 million.
Explosive Growth in Trading Activity
The memecoin’s surge in interest isn’t limited to direct purchases alone. CoinGlass data indicates a notable increase in Dogwifhat’s trading volume across both derivative and spot markets. Over the past few days, derivative trading volumes soared by 114%, reaching a substantial $1.98 billion.
Binance and Bybit Lead Trading Volumes
The bulk of this trading activity was recorded on major platforms such as Binance and Bybit, with these exchanges contributing $1.11 billion and $399.9 million to the total volume, respectively. The uptick in trading activity has also led to the liquidation of short positions worth over $300,000, further evidencing the heightened volatility and interest surrounding Dogwifhat.
Conclusion
The reemergence of the early investor’s activity in Dogwifhat (WIF) on the Solana network has reignited excitement in the memecoin market. This strategic accumulation of WIF tokens, coupled with escalating trading volumes, underlies a potential bullish trend. As the market continues to respond to these developments, Dogwifhat could see sustained interest and further price action in the near term.
